0001|                            HOUSE BILL 908
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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|                             GAIL C. BEAM
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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 PROJECTS IN HOUSE DISTRICT 18
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0013|     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--LOCAL GOVERNMENT DIVISION
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0022|     OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION--PURPOSES.--
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0023|     Pursuant to the provisions of Section 1 of this act, upon
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0024|     certification by the local government division of the
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0025|     department of finance and administration that the need exists
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0001|     for the issuance of the bonds, the following amounts are
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0002|     appropriated to the local government division for the following
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0003|     purposes:
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0004|               A.  five hundred thousand dollars ($500,000) to
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0005|     develop a master plan and undertake phase one improvements to
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0006|     the Albuquerque sports stadium in Bernalillo county;
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0007|               B.  two hundred thousand dollars ($200,000) to
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0008|     renovate, including installation of water conservation
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0009|     measures, Bataan park in Albuquerque in Bernalillo county;
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0010|               C.  two hundred thousand dollars ($200,000) for
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0011|     sprinklers, including installation of water conservation
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0012|     measures, at Hyder park in Albuquerque in Bernalillo county;
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0013|     and
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0014|               D.  two hundred fifty thousand dollars ($250,000)
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0015|     for building improvements for the therapeutic program at the
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0016|     Loma Linda community center in Albuquerque in Bernalillo
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0017|     county.   
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0018|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0019|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0020|     provisions of Section 1 of this act, upon certification by the
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0021|     state highway and transportation department that the need
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0022|     exists for the issuance of the bonds, the following amounts are
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0023|     appropriated to the state highway and transportation department
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0024|     for the following purposes:
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0025|               A.  four hundred thousand dollars ($400,000) for the
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0001|     purpose of constructing a pedestrian overpass on Gibson avenue
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0002|     for Kirtland elementary school in Albuquerque located in
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0003|     Bernalillo county; and
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0004|               B.  three hundred thousand dollars ($300,000) for
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0005|     design and construction of streetscape improvements at Triangle
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0006|     park on Central avenue from San Mateo to Girard in Albuquerque
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0007|     in Bernalillo county.
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0008|          Section 4.  EMERGENCY.--It is necessary for the public
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0009|     peace, health and safety that this act take effect immediately.
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0010|                              
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