0001| SENATE BILL 442 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MANNY M. ARAGON | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN THE CITY OF | 0014| ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING APPROPRIATIONS; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0019| APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax Bonding | 0022| Act in an amount not to exceed the total of the amounts | 0023| authorized for purposes specified in Sections 2 through 4 of | 0024| this act. The state board of finance shall schedule the | 0025| issuance and sale of the bonds in the most expeditious and | 0001| economical manner possible upon a finding by the board that the | 0002| project has been developed sufficiently to justify the issuance | 0003| and that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. Proceeds from the sale of the bonds | 0007| are appropriated for the purposes specified in Sections 2 | 0008| through 4 of this act. | 0009| B. The agencies named in Sections 2 through 4 of | 0010| this act shall certify to the state board of finance when the | 0011| money from the proceeds of the severance tax bonds authorized in | 0012| this section is needed for the purposes specified in the | 0013| applicable section of this act. | 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| 1998, 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 Sections 2 through 4 | 0020| of this act at the end of fiscal year 1999 shall revert to the | 0021| severance tax bonding fund. | 0022| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0023| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section | 0024| 1 of this act, upon certification by the local government | 0025| division of the department of finance and administration that | 0001| the need exists for the issuance of the bonds, the following | 0002| amounts are appropriated to the local government division of the | 0003| department of finance and administration for the following | 0004| purposes: | 0005| A. five hundred thousand dollars ($500,000) to make | 0006| improvements to meet state child-care requirements and | 0007| renovations throughout the Barelas community and child-care | 0008| center in the city of Albuquerque located in Bernalillo county; | 0009| B. fifty thousand dollars ($50,000) to purchase | 0010| equipment and furniture for the Tom Bell community center | 0011| addition in the city of Albuquerque located in Bernalillo | 0012| county; | 0013| C. fifty thousand dollars ($50,000) to plan, design | 0014| and construct a weight room and additional parking at the Dennis | 0015| Chavez community center in the city of Albuquerque located in | 0016| Bernalillo county; and | 0017| D. three hundred thousand dollars ($300,000) to | 0018| plan, design and construct phase III of the South San Jose | 0019| community center in the city of Albuquerque located in | 0020| Bernalillo county. | 0021| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0022| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions | 0023| of Section 1 of this act, upon certification by the state | 0024| highway and transportation department that the need exists for | 0025| the issuance of the bonds, two hundred thousand dollars | 0001| ($200,000) is appropriated to the state highway and | 0002| transportation department for the purpose of making improvements | 0003| to south Fourth street between Bridge and Coal streets in the | 0004| city of Albuquerque located in Bernalillo county. | 0005| Section 4. SEVERANCE TAX BONDS--STATE AGENCY ON AGING--PURPOSE.--Pursuant to the provisions of Section 1 of this act, | 0006| upon certification by the state agency on aging that the need | 0007| exists for the issuance of the bonds, one hundred thousand | 0008| dollars ($100,000) is appropriated to the state agency on aging | 0009| for the purpose of completing the expansion of the Barelas | 0010| senior daycare center in the city of Albuquerque located in | 0011| Bernalillo county. | 0012| Section 5. EMERGENCY.--It is necessary for the public | 0013| peace, health and safety that this act take effect immediately. | 0014|  | 0015| | 0016| FORTY-SECOND LEGISLATURE | 0017| SECOND SESSION, 1996 | 0018| | 0019| | 0020| JANUARY 30, 1996 | 0021| | 0022| Mr. President: | 0023| | 0024| Your COMMITTEES' COMMITTEE, to whom has been referred | 0025| | 0001| SENATE BILL 442 | 0002| | 0003| has had it under consideration and finds same to be GERMANE,PURSUANT | 0004| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0005| COMMITTEE. | 0006| | 0007| Respectfully submitted, | 0008| | 0009| | 0010| | 0011| | 0012| __________________________________ | 0013| SENATOR MANNY M. ARAGON, Chairman | 0014| | 0015| | 0016| | 0017| Adopted_______________________ Not Adopted_______________________ | 0018| (Chief Clerk) (Chief Clerk) | 0019| | 0020| | 0021| Date ________________________ | 0022| | 0023| | 0024| | 0025| S0442CC1 |