0001| SENATE BILL 732 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RAMSAY L. GORHAM | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS IN THE VILLAGE OF | 0013| LOS RANCHOS DE ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING | 0014| APPROPRIATIONS; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Subsections E through G of | 0023| this section for capital improvements in the village of Los | 0024| Ranchos de Albuquerque in Bernalillo county. The state board | 0025| of finance shall schedule the issuance and sale of the bonds in | 0001| the most expeditious and economical manner possible upon a | 0002| finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary | 0006| to comply with the Internal Revenue Code of 1986, as amended. | 0007| Proceeds from the sale of the bonds are appropriated for the | 0008| purposes specified in Subsections E through G of this section. | 0009| B. The agencies named in Subsections E through G of | 0010| this section shall certify to the state board of finance when | 0011| the money from the proceeds of the severance tax bonds | 0012| authorized in this section is needed for the purposes specified | 0013| in the applicable subsections. | 0014| C. If the specified agency has not certified the | 0015| need for the issuance of the bonds by the end of fiscal year | 0016| 1999, the authorization provided in this act shall be void. | 0017| D. Unless otherwise specified in this act, any | 0018| unexpended or unencumbered balance remaining from the proceeds | 0019| of severance tax bonds issued pursuant to this act at the end | 0020| of fiscal year 2000 shall revert to the severance tax bonding | 0021| fund. | 0022| E. Upon certification by the department of | 0023| environment, forty-three thousand dollars ($43,000) is | 0024| appropriated to the department of environment for water system | 0025| improvements in the village of Los Ranchos de Albuquerque in | 0001| Bernalillo county. | 0002| F. Upon certification by the local government | 0003| division of the department of finance and administration, | 0004| forty-nine thousand dollars ($49,000) is appropriated to the | 0005| local government division for park improvements in the village | 0006| of Los Ranchos de Albuquerque in Bernalillo county. | 0007| G. Upon certification by the state highway and | 0008| transportation department, the following amounts for the | 0009| following purposes are appropriated to the state highway and | 0010| transportation department for projects in the village of Los | 0011| Ranchos de Albuquerque in Bernalillo county: | 0012| (1) sixty thousand dollars ($60,000) for road | 0013| maintenance; and | 0014| (2) fifty thousand dollars ($50,000) for a | 0015| road improvements study. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |