0001|                         HOUSE BILL 203
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                       DANICE R. PICRAUX
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR PLANNING, DESIGNING AND CONSTRUCTING A
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0014|     LITTLE LEAGUE FIELD FOR THUNDERBIRD LITTLE LEAGUE AND PLANNING,
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0015|     DESIGNING AND CONSTRUCTING A CENTER AND PARK AND RELOCATING A
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0016|     LITTLE LEAGUE FIELD AT MCKINLEY MIDDLE SCHOOL IN ALBUQUERQUE
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0017|     LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING
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0018|     AN EMERGENCY.
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0019|     
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0020|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0021|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0022|            A.  The state board of finance may issue and sell
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0023|     severance tax bonds in compliance with the Severance Tax Bonding
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0024|     Act in an amount not exceeding two hundred thousand dollars
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0025|     ($200,000) when the local government division of the department
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0001|     of finance and administration certifies the need for the
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0002|     issuance of the bonds.  The state board of finance shall
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0003|     schedule the issuance and sale of the bonds in the most
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0004|     expeditious and economical manner possible upon a finding by the
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0005|     board that the project has been developed sufficiently to
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0006|     justify the issuance and that the project can proceed to
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0007|     contract within a reasonable time.  The state board of finance
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0008|     shall further take the appropriate steps necessary to comply
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0009|     with the Internal Revenue Code of 1986, as amended.  The
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0010|     proceeds from the sale of the bonds are appropriated to the
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0011|     local government division of the department of finance and
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0012|     administration in the following amounts for the following
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0013|     purposes:
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0014|                 (1)  one hundred thousand dollars ($100,000) to
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0015|     plan, design and construct a new little league field for
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0016|     Thunderbird little league in the city of Albuquerque located in
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0017|     Bernalillo county; and
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0018|                 (2)  one hundred thousand dollars ($100,000) to
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0019|     plan, design and construct a new center and park and relocate a
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0020|     little league field at McKinley middle school in the city of
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0021|     Albuquerque located in Bernalillo county.
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0022|            B.  If the local government division of the
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0023|     department of finance and administration has not certified the
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0024|     need for the issuance of the bonds by the end of fiscal year
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0025|     1998, the authorization provided in this section shall be void. 
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0001|     Any unexpended or unencumbered balance remaining from the
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0002|     proceeds of severance tax bonds issued pursuant to Subsection A
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0003|     of this section at the end of fiscal year 1999 shall revert to
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0004|     the severance tax bonding fund. 
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0005|       Section 2.  EMERGENCY.--It is necessary for the public
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0006|     peace, health and safety that this act take effect immediately.
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0007|                              
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