0001| SENATE BILL 600 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| L. SKIP VERNON | 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 and 3 of this | 0024| act. The state board of finance shall schedule the issuance and | 0025| sale of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. Proceeds from the sale of the bonds are appropriated | 0007| for the purposes specified in Sections 2 and 3 of this act. | 0008| B. The agencies named in Sections 2 and 3 of this | 0009| act shall certify to the state board of finance when the money | 0010| from the proceeds of the severance tax bonds authorized in this | 0011| section is needed for the purposes specified in the applicable | 0012| section of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1998, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| of severance tax bonds issued pursuant to Sections 2 and 3 of | 0019| this act at the end of fiscal year 1999 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0022| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section | 0023| 1 of this act, upon certification by the local government | 0024| division of the department of finance and administration that | 0025| the need exists for the issuance of the bonds, five hundred | 0001| thousand dollars ($500,000) is appropriated to the local | 0002| government division of the department of finance and | 0003| administration for the purpose of planning, designing and | 0004| constructing little league fields for Thunderbird little league | 0005| in Albuquerque located in Bernalillo county. | 0006| Section 3. SEVERANCE TAX BONDS--STATE DEPARTMENT OF PUBLIC | 0007| EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of | 0008| this act, upon certification by the state department of public | 0009| education that the need exists for the issuance of the bonds, | 0010| two million five hundred thousand dollars ($2,500,000) is | 0011| appropriated to the state department of public education for the | 0012| purpose of planning, designing and constructing a new center and | 0013| park at McKinley middle school in Albuquerque located in | 0014| Bernalillo county. | 0015| Section 4. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  | 0018|  | 0019| | 0020| FORTY-SECOND LEGISLATURE | 0021| SECOND SESSION, 1996 | 0022| | 0023| | 0024| JANUARY 31, 1996 | 0025| | 0001| Mr. President: | 0002| | 0003| Your COMMITTEES' COMMITTEE, to whom has been referred | 0004| | 0005| SENATE BILL 600 | 0006| | 0007| has had it under consideration and finds same to be GERMANE, PURSUANT | 0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0009| COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| | 0016| __________________________________ | 0017| SENATOR MANNY M. ARAGON, Chairman | 0018| | 0019| | 0020| | 0021| Adopted_______________________ Not Adopted_______________________ | 0022| (Chief Clerk) (Chief Clerk) | 0023| | 0024| | 0025| Date ________________________ | 0001| | 0002| | 0003| | 0004| S0600CC1 |