0001| SENATE BILL 537 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| TOM RUTHERFORD | 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 ALBUQUERQUE LOCATED | 0014| IN BERNALILLO COUNTY; MAKING APPROPRIATIONS; DECLARING AN | 0015| 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--STATE HIGHWAY AND | 0023| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions | 0024| of Section 1 of this act, upon certification by the state | 0025| highway and transportation department that the need exists for | 0001| the issuance of the bonds, the following amounts are | 0002| appropriated to the state highway and transportation department | 0003| for the following purposes: | 0004| A. two hundred fifty thousand dollars ($250,000) to | 0005| landscape and improve Central avenue from San Mateo boulevard to | 0006| Girard avenue at Triangle park in Albuquerque located in | 0007| Bernalillo county; | 0008| B. two hundred twenty thousand dollars ($220,000) to | 0009| construct landscaping and a trail along Gibson boulevard in | 0010| Albuquerque located in Bernalillo county; | 0011| C. one million dollars ($1,000,000) to plan, design | 0012| and construct a pedestrian overpass on Gibson boulevard in | 0013| Albuquerque located in Bernalillo county; and | 0014| D. five hundred thousand dollars ($500,000) to | 0015| complete the reconstruction of Yale boulevard in Albuquerque | 0016| located in Bernalillo county. | 0017| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0018| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section | 0019| 1 of this act, upon certification by the local government | 0020| division of the department of finance and administration that | 0021| the need exists for the issuance of the bonds, the following | 0022| amounts are appropriated to the local government division of the | 0023| department of finance and administration for the following | 0024| purposes: | 0025| A. two hundred thousand dollars ($200,000) to design | 0001| and build a little league park for the Lobo little league in | 0002| Albuquerque located in Bernalillo county; | 0003| B. one hundred fifty thousand dollars ($150,000) to | 0004| design and construct Rinconada Point park in Albuquerque located | 0005| in Bernalillo county; and | 0006| C. two hundred thousand dollars ($200,000) to design | 0007| and construct improvements to Zia park in Albuquerque located in | 0008| Bernalillo county. | 0009| Section 4. SEVERANCE TAX BONDS--STATE DEPARTMENT OF PUBLIC | 0010| EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of | 0011| this act, upon certification by the state department of public | 0012| education that the need exists for the issuance of the bonds, | 0013| one hundred thousand dollars ($100,000) is appropriated to the | 0014| state department of public education for the purpose of | 0015| purchasing equipment and furniture and planning, designing and | 0016| constructing improvements to the Whittier school building in | 0017| Albuquerque located in Bernalillo county. | 0018| Section 5. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| | 0022| | 0023| FORTY-SECOND LEGISLATURE | 0024| SECOND SESSION, 1996 | 0025| | 0001| | 0002| JANUARY 30, 1996 | 0003| | 0004| Mr. President: | 0005| | 0006| Your COMMITTEES' COMMITTEE, to whom has been referred | 0007| | 0008| SENATE BILL 537 | 0009| | 0010| has had it under consideration and finds same to be GERMANE, PURSUANT | 0011| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0012| COMMITTEE. | 0013| | 0014| Respectfully submitted, | 0015| | 0016| | 0017| | 0018| | 0019| __________________________________ | 0020| SENATOR MANNY M. ARAGON, Chairman | 0021| | 0022| | 0023| | 0024| Adopted_______________________ Not Adopted_______________________ | 0025| (Chief Clerk) (Chief Clerk) | 0001| | 0002| | 0003| Date ________________________ | 0004| | 0005| | 0006| | 0007| S0537CC1 |