0001|                           SENATE BILL 732
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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|                           RAMSAY L. GORHAM
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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 IMPROVEMENTS IN THE VILLAGE OF
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0013|     LOS RANCHOS DE ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING
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0014|     APPROPRIATIONS; 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 Subsections E through G of
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0023|     this section for capital improvements in the village of Los
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0024|     Ranchos de Albuquerque in Bernalillo county.  The state board
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0025|     of finance shall schedule the issuance and sale of the bonds in
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0001|     the most expeditious and economical manner possible upon a
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0002|     finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     Proceeds from the sale of the bonds are appropriated for the
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0008|     purposes specified in Subsections E through G of this section.
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0009|               B.  The agencies named in Subsections E through G of
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0010|     this section shall certify to the state board of finance when
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0011|     the money from the proceeds of the severance tax bonds
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0012|     authorized in this section is needed for the purposes specified
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0013|     in the applicable subsections.
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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|     1999, 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 this act at the end
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0020|     of fiscal year 2000 shall revert to the severance tax bonding
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0021|     fund.
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0022|               E.  Upon certification by the department of
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0023|     environment, forty-three thousand dollars ($43,000) is
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0024|     appropriated to the department of environment for water system
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0025|     improvements in the village of Los Ranchos de Albuquerque in
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0001|     Bernalillo county.
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0002|               F.  Upon certification by the local government
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0003|     division of the department of finance and administration,
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0004|     forty-nine thousand dollars ($49,000) is appropriated to the
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0005|     local government division for park improvements in the village
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0006|     of Los Ranchos de Albuquerque in Bernalillo county.
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0007|               G.  Upon certification by the state highway and
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0008|     transportation department, the following amounts for the
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0009|     following purposes are appropriated to the state highway and
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0010|     transportation department for projects in the village of Los
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0011|     Ranchos de Albuquerque in Bernalillo county:
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0012|                    (1)  sixty thousand dollars ($60,000) for road
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0013|     maintenance; and
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0014|                    (2)  fifty thousand dollars ($50,000) for a
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0015|     road improvements study.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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