0001|                           SENATE BILL 565
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          RICHARD M. ROMERO
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS IN SENATE DISTRICT
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0013|     12 IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING APPROPRIATIONS;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0018|     APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0006|     are appropriated for the purposes specified in Sections 2 and 3
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0007|     of this act.
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0008|               B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     section of this act.
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0013|               C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this act shall be void.
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0016|               D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019|     this act at the end of fiscal year 2000 shall revert to the
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0020|     severance tax bonding fund.
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0021|          Section 2.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0022|     ADMINISTRATION--PURPOSES.--Pursuant to the provisions of
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0023|     Section 1 of this act, upon certification by the local
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0024|     government division of the department of finance and
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0025|     administration that the need exists for the issuance of the
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0001|     bonds, the following amounts are appropriated to the local
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0002|     government division for the following purposes in Albuquerque
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0003|     in Bernalillo county:
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0004|               A.  five hundred thousand dollars ($500,000) for
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0005|     phase one planning and improvements for full upgrade of the
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0006|     Albuquerque sports stadium;
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0007|               B.  three hundred fifty thousand dollars ($350,000)
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0008|     to plan, design and construct the Santa Barbara community
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0009|     center in Martineztown;
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0010|               C.  one million dollars ($1,000,000) to renovate the
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0011|     old Albuquerque high school gymnasium into a combined community
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0012|     center, youth center and child care center; and
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0013|               D.  two hundred twenty thousand dollars ($220,000)
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0014|     for improvements at the Wells Park community center.
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0015|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0016|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0017|     provisions of Section 1 of this act, upon certification by the
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0018|     state highway and transportation department that the need
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0019|     exists for the issuance of the bonds, the following amounts are
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0020|     appropriated to the state highway and transportation department
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0021|     for the following purposes in Albuquerque in Bernalillo county:
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0022|               A.  sixty thousand dollars ($60,000) to landscape
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0023|     Sixth street from interstate 40 to Menaul boulevard;
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0024|               B.  two hundred thousand dollars ($200,000) for
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0025|     improvements to a section of road from Candelaria to Comanche;
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0001|               C.  seven hundred fifty thousand dollars ($750,000)
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0002|     to design and construct improvements to Dr. Martin Luther King,
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0003|     Jr. boulevard from interstate 25 to University; and
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0004|               D.  four hundred thousand dollars ($400,000) to
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0005|     complete design and landscaping of interstate 40 from Sixth
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0006|     street to Rio Grande and to install public art.
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0007|          Section 4.  EMERGENCY.--It is necessary for the public
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0008|     peace, health and safety that this act take effect immediately.
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0009|                                  
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