0001|                         SENATE BILL 12
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1996
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0003|                         INTRODUCED BY
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0004|                       PHILLIP J. MALOOF
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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 TO PLAN, DESIGN AND MAKE IMPROVEMENTS TO
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0013|     RINCONADA POINT PARK IN ALBUQUERQUE LOCATED IN BERNALILLO COUNTY;
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0014|     MAKING AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018|     and sell severance tax bonds in compliance with the Severance
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0019|     Tax Bonding Act in an amount not exceeding two hundred thousand 
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0020|     dollars ($200,000) when the local government division of the
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0021|     department of finance and administration certifies the need for
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0022|     the issuance of the bonds.  The state board of finance shall
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0023|     schedule the issuance and sale of the bonds in the most
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0024|     expeditious and economical manner possible upon a finding by the
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0025|     board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     local government division of the department of finance and
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0007|     administration for the purpose of planning, designing and
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0008|     developing improvements, including site preparation,
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0009|     installation of water hookups, tree planting and grading, grass
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0010|     turfing, installation of an irrigation system and walkway
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0011|     paving, to Rinconada Point park on the north side of Ouray road
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0012|     on the east side of Unser boulevard in Albuquerque located in
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0013|     Bernalillo county.  Any unexpended or unencumbered balance
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0014|     remaining six months after completion of the project shall
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0015|     revert to the severance tax bonding fund.  If the local
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0016|     government division of the department of finance and
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0017|     administration has not certified the need for the issuance of
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0018|     the bonds by the end of fiscal year 1999, the authorization
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0019|     provided in this section shall be void.
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0020|       Section 2.  EMERGENCY.--It is necessary for the public
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0021|     peace, health and safety that this act take effect immediately.
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0022|                                - 2 -  
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0023|   
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0024|                    FORTY-SECOND LEGISLATURE
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0025|                      SECOND SESSION, 1996
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0001|   
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0002|   
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0003|                                              JANUARY 18, 1996
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0004|   
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0005|   Mr. President:
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0006|   
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0007|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0008|   
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0009|                           SENATE BILL 12
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0010|   
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0011|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0012|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE
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0013|   FINANCE COMMITTEE.
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0014|   
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0015|                              Respectfully submitted,
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0016|   
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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|                              SENATOR MANNY M. ARAGON, Chairman 
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0022|   
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0023|   
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0024|   
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0025|   Adopted_______________________ Not Adopted_______________________
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0001|             (Chief Clerk)                        (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   
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0008|   The roll call vote was <u>  </u> For <u>  </u> Against
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0009|   Yes:  
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0010|   No:        
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0011|   Excused:   
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0012|   Absent:    
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0013|   
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0014|   
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0015|   SOO12CC1
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