SENATE BILL 561
47th legislature - STATE OF NEW MEXICO - second session, 2006
INTRODUCED BY
John Arthur Smith
AN ACT
RELATING TO COURT BUILDINGS; AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS; CLARIFYING CONDITIONS FOR THE ISSUANCE OF BONDS; ESTABLISHING CONDITIONS FOR THE EXPENDITURE OF SEVERANCE TAX BOND PROCEEDS; ESTABLISHING CONDITIONS FOR THE REVERSION OF UNEXPENDED BALANCES; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--APPROPRIATION OF PROCEEDS.--
A. The state board of finance may issue and sell severance tax bonds in compliance with the Severance Tax Bonding Act in an amount not to exceed the total of the amounts authorized for purposes specified in Section 2 of this act. The state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible upon a finding by the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. The state board of finance shall further take the appropriate steps necessary to comply with the Internal Revenue Code of 1986, as amended. Proceeds from the sale of the bonds are appropriated for the purposes specified in this act.
B. The local government division of the department of finance and administration shall certify to the state board of finance when the money from the proceeds of the severance tax bonds authorized in Section 2 of this act is needed for the purposes specified in that section. If the division has not certified the need for the issuance of the bonds for a particular project by the end of fiscal year 2007, the authorization for that project is void.
C. Before the local government division may certify for the issuance of severance tax bonds, the project must be developed sufficiently so that the division reasonably expects to:
(1) incur within six months after the applicable bonds have been issued a substantial binding obligation to a third party to expend at least five percent of the bond proceeds for the project; and
(2) spend at least eighty-five percent of the bond proceeds within three years after the applicable bonds have been issued.
D. Except as otherwise provided in this section, the unexpended balance from the proceeds of severance tax bonds issued for a project shall revert to the severance tax bonding fund as follows:
(1) for projects for which severance tax bonds were issued to match federal grants, six months after completion of the project; and
(2) for all other projects for which severance tax bonds were issued, within six months of completion of the project, but no later than the end of fiscal year 2010.
E. For the purpose of this section, "unexpended balance" means the remainder of an appropriation after reserving for unpaid costs and expenses covered by binding written obligations to third parties.
Section 2. COURT BUILDINGS PROJECTS--LOCAL GOVERNMENT DIVISION--SEVERANCE TAX BONDS.--Pursuant to the provisions of Section 1 of this act, upon certification by the local government division of the department of finance and administration that the need exists for the issuance of the bonds, the following amounts are appropriated to the local government division of the department of finance and administration for the following projects:
A. four million dollars ($4,000,000) to plan, design and construct a judicial complex for the sixth judicial district in Deming in Luna county;
B. twelve million dollars ($12,000,000) to acquire land for, plan, design, construct, equip and furnish the first judicial district complex in Santa Fe county;
C. five hundred thousand dollars ($500,000) to renovate and expand the ninth judicial district courthouse in Clovis in Curry county;
D. eight hundred thousand dollars ($800,000) to plan, design, construct and equip the heating, ventilation, air conditioning and electrical systems at the ninth judicial district courthouse in Roosevelt county;
E. one million two hundred thousand dollars ($1,200,000) to acquire land for and plan, design and construct a judicial facility for the fourth judicial district court in Mora in Mora county;
F. two million dollars ($2,000,000) to construct, equip and furnish the judicial complex in the thirteenth judicial district in Valencia county; and
G. one million dollars ($1,000,000) to plan, design, construct and equip an annex to the fourth judicial district courthouse in Las Vegas in San Miguel county.
Section 3. COURT BUILDING PROJECTS--COURT OF APPEALS--SEVERANCE TAX BONDS.--Pursuant to the provisions of Section 1 of this act, upon certification by the court of appeals that the need exists for the issuance of the bonds, twelve million dollars ($12,000,000) is appropriated to the court of appeals to plan, design and construct a court of appeals building adjacent to the university of New Mexico school of law in Albuquerque in Bernalillo county.
Section 4. PROJECT SCOPE--EXPENDITURES.--If an appropriation for a project authorized in this act is not sufficient to complete all the purposes specified, the appropriation may be expended for any portion of the purposes specified in the appropriation. Expenditures shall not be made for purposes other than those specified in the appropriation.
Section 5. ART IN PUBLIC PLACES.--Pursuant to Section 13-4A-4 NMSA 1978 and where applicable, the appropriations authorized in this act include one percent for the art in public places fund.
Section 6. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
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