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| SPONSOR: | Sanchez, R.G. | DATE TYPED: | 05/10/99 | HB | 31 | ||
| SHORT TITLE: | Construction of Water and Sewer Systems | SB | |||||
| ANALYST: | Kehoe/Taylor | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY99 | FY2000 | FY99 | FY2000 | ||
| $ 2,000.0 | $ 0.0 | None | None | Non-Recurring | GF |
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of Bill
House Bill 31 authorizes the issuance and sale of Severance Tax Bonds beginning in FY 2001 and continuing through FY 2009 for the purpose of financing water and sewer distribution and collection systems in the developed and under served areas of Bernalillo County, including the City of Albuquerque. Bond amounts are limited to $2 million in any one year and $18 million in total over nine years. The bond proceeds are appropriated to the local government division of the department of finance and administration. Bond certification and issuance are contingent upon the city and county certifying that other funding in the amount of $9 million has been secured from their own or federal sources.
The bill also appropriates $2 million for the same purposes from the general fund in FY 1999. The appropriation is contingent upon the city and county securing $9 million in funding from their own or federal sources for expenditure in FY 2000.
The bill carries an emergency clause.
FISCAL IMPLICATIONS
The bill appropriates $2 million in FY 99 for expenditure in FY99 and FY2000. The appropriation from the general fund is non-recurring. Further, the bill appropriates $2 million from severance tax bonds starting in FY 2001. Because the appropriations from severance bonds are for several years, they should be considered recurring.
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