0001| SENATE BILL 1186 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RAMSAY L. GORHAM | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS FOR THE BALLOON FIESTA | 0013| IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0018| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding four million two hundred | 0022| thousand dollars ($4,200,000) when the local government | 0023| division of the department of finance and administration | 0024| certifies the need for the issuance of the bonds. The state | 0025| board of finance shall schedule the issuance and sale of the | 0001| bonds in the most expeditious and economical manner possible | 0002| upon a finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary | 0006| to comply with the Internal Revenue Code of 1986, as amended. | 0007| The proceeds from the sale of the bonds are appropriated to the | 0008| local government division in the following amounts for the | 0009| following purposes: | 0010| (1) one million seven hundred thousand dollars | 0011| ($1,700,000) to acquire land for the balloon fiesta in | 0012| Albuquerque in Bernalillo county; | 0013| (2) five hundred thousand dollars ($500,000) | 0014| to develop little league fields and complex for Alameda and | 0015| North Valley at balloon fiesta state park in Albuquerque in | 0016| Bernalillo county; and | 0017| (3) two million dollars ($2,000,000) to design | 0018| and develop the first phase of a park and museum, including a | 0019| skateboard facility, grass and infrastructure improvements, at | 0020| balloon fiesta state park in Albuquerque in Bernalillo county. | 0021| B. If the local government division has not | 0022| certified the need for the issuance of the bonds by the end of | 0023| fiscal year 1999, the authorization provided in this section | 0024| shall be void. Any unexpended or unencumbered balance | 0025| remaining from the proceeds of severance tax bonds issued | 0001| pursuant to Subsection A of this section at the end of fiscal | 0002| year 2000 shall revert to the severance tax bonding fund. | 0003| Section 2. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately. | 0005|  |