0001|                         HOUSE BILL 481
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                     RICHARD "RAY" SANCHEZ
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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 CAPITAL PROJECTS IN ALBUQUERQUE LOCATED
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0014|     IN BERNALILLO COUNTY; MAKING APPROPRIATIONS; DECLARING AN
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0015|     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--AUTHORIZATIONS--
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0019|     APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not to exceed the total of the amounts
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0023|     authorized for purposes specified in Sections 2 through 4 of
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0024|     this act.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0007|     are appropriated for the purposes specified in Sections 2
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0008|     through 4 of this act.
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0009|            B.  The agencies named in Sections 2 through 4 of
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0010|     this act shall certify to the state board of finance when the
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0011|     money from the proceeds of the severance tax bonds authorized in
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0012|     this section is needed for the purposes specified in the
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0013|     applicable section of this act.
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0014|            C.  If the specified agency has not certified the
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0015|     need for the issuance of the bonds by the end of fiscal year
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0016|     1998, the authorization provided in this act shall be void.
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0017|            D.  Unless otherwise specified in this act, any
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0018|     unexpended or unencumbered balance remaining from the proceeds
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0019|     of severance tax bonds issued pursuant to Sections 2 through 4
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0020|     of this act at the end of fiscal year 1999 shall revert to the
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0021|     severance tax bonding fund.
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0022|       Section 2.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0023|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0024|     of Section 1 of this act, upon certification by the state
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0025|     highway and transportation department that the need exists for
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0001|     the issuance of the bonds, two hundred thousand dollars
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0002|     ($200,000) is appropriated to the state highway and
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0003|     transportation department for the purpose of completing the
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0004|     renovation of south Fourth street in Albuquerque located in
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0005|     Bernalillo county.
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0006|       Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0007|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0008|     1 of this act, upon certification by the local government
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0009|     division of the department of finance and administration that
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0010|     the need exists for the issuance of the bonds, five hundred
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0011|     thousand dollars ($500,000) is appropriated to the local
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0012|     government division of the department of finance and
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0013|     administration for the purpose of making improvements to meet
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0014|     state child-care requirements and to make renovations to the
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0015|     Barelas community center in Albuquerque located in Bernalillo
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0016|     county.
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0017|       Section 4.  SEVERANCE TAX BONDS--STATE AGENCY ON AGING--PURPOSE.--Pursuant to the provisions of Section 1 of this act,
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0018|     upon certification by the state agency on aging that the need
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0019|     exists for the issuance of the bonds, one hundred thousand
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0020|     dollars ($100,000) is appropriated to the state agency on aging
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0021|     for the purpose of completing the expansion of the daycare area
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0022|     at Barelas senior center daycare in Albuquerque located in
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0023|     Bernalillo county.
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0024|       Section 5.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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