0001|     
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0002|                           SENATE BILL 366
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0003|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0004|                            INTRODUCED BY
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0005|                           SHANNON ROBINSON
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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 IMPROVEMENTS TO THE BALLOON FIESTA
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0014|     STATE PARK IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN
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0015|     APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding two
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0022|     million five hundred ninety-five thousand dollars
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0023|     ($2,595,000) when the local government division of the
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0024|     department of finance and administration certifies the need for
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0025|     the issuance of the bonds.  The state board of finance shall
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0001|     schedule the issuance and sale of the bonds in the most
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0002|     expeditious and economical manner possible upon a finding by
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0003|     the board that the project has been developed sufficiently to
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0004|     justify the issuance and that the project can proceed to
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0005|     contract within a reasonable time.  The state board of finance
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0006|     shall further take the appropriate steps necessary to comply
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0007|     with the Internal Revenue Code of 1986, as amended.  The
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0008|     proceeds from the sale of the bonds are appropriated to the
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0009|     local government division for the purpose of making
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0010|     improvements, including grading, rock removal, irrigating
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0011|     launch sites, creating a temporary lake, piping water from
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0012|     industrial users, soil preparation, grass planting, fencing,
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0013|     drainage and construction of a pedestrian overpass, to the
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0014|     Balloon Fiesta state park in Albuquerque located in Bernalillo
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0015|     county.  Any unexpended or unencumbered balance remaining at
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0016|     the end of fiscal year 2000 shall revert to the severance tax
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0017|     bonding fund.  If the local government division has not
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0018|     certified the need for the issuance of the bonds by the end of
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0019|     fiscal year 1999, the authorization provided in this section
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0020|     shall be void.
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0021|          Section 2.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.
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0023|                                  
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0024|       
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0025|   
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0001|                      FORTY-THIRD LEGISLATURE
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0002|                        FIRST SESSION, 1997
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0003|   
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0004|   
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0005|                                                  March 18, 1997
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0006|   
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0007|   Mr. President:
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0008|   
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0009|       Your FINANCE COMMITTEE, to whom has been referred
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0010|   
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0011|                     HOUSE BILL 366, as amended
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0012|   
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0013|   has had it under consideration and reports same with
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0014|   recommendation that it DO PASS.
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0015|   
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0016|                                Respectfully submitted,
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0017|   
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0018|   
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0019|   
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0020|                                
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0021|   __________________________________
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0022|                                Ben D. Altamirano, Chairman 
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0023|   
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0024|   
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0025|   
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0001|   Adopted_______________________   Not
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0002|   Adopted_______________________
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0003|             (Chief Clerk)                          (Chief Clerk)
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0004|   
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0011|           Yes:    6
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0012|           No:     None
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0013|                Excused:     Aragon, Campos, Carraro, Ingle, McKibben
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0014|           Absent: None
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0015|   
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0016|   
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0017|   H0366FC1
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