0001|                           SENATE BILL 1186
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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 PROJECTS FOR THE BALLOON FIESTA
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0013|     IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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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--PURPOSES FOR WHICH
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0018|     ISSUED--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 exceeding four million two hundred
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0022|     thousand dollars ($4,200,000) when the local government
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0023|     division of the department of finance and administration
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a 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|     The proceeds from the sale of the bonds are appropriated to the
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0008|     local government division in the following amounts for the
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0009|     following purposes:
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0010|                    (1)  one million seven hundred thousand dollars
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0011|     ($1,700,000) to acquire land for the balloon fiesta in
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0012|     Albuquerque in Bernalillo county;
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0013|                    (2)  five hundred thousand dollars ($500,000)
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0014|     to develop little league fields and complex for Alameda and
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0015|     North Valley at balloon fiesta state park in Albuquerque in
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0016|     Bernalillo county; and
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0017|                    (3)  two million dollars ($2,000,000) to design
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0018|     and develop the first phase of a park and museum, including a
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0019|     skateboard facility, grass and infrastructure improvements, at
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0020|     balloon fiesta state park in Albuquerque in Bernalillo county.
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0021|               B.  If the local government division has not
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0022|     certified the need for the issuance of the bonds by the end of
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0023|     fiscal year 1999, the authorization provided in this section
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0024|     shall be void.  Any unexpended or unencumbered balance
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0025|     remaining from the proceeds of severance tax bonds issued
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0001|     pursuant to Subsection A of this section at the end of fiscal
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0002|     year 2000 shall revert to the severance tax bonding fund. 
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0003|          Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately.
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0005|                                  
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