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Committee Substitute for SB0471FSS

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Committee Substitute for SB0471FSS 1 AN ACT 2 RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF 3 SEVERANCE TAX BONDS; AUTHORIZING EXPENDITURES FROM CERTAIN 4 FUNDS AND BALANCES; CLARIFYING CONDITIONS FOR THE ISSUANCE OF 5 BONDS; ESTABLISHING CONDITIONS FOR THE EXPENDITURE OF 6 SEVERANCE TAX BOND PROCEEDS; ESTABLISHING CONDITIONS FOR THE 7 REVERSION OF UNEXPENDED BALANCES; MAKING APPROPRIATIONS; 8 DECLARING AN EMERGENCY. 9 10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: 11 Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- 12 APPROPRIATION OF PROCEEDS.-- 13 A. The state board of finance may issue and sell 14 severance tax bonds in compliance with the Severance Tax 15 Bonding Act in an amount not to exceed the total of the 16 amounts authorized for purposes specified in this act. The 17 state board of finance shall schedule the issuance and sale 18 of the bonds in the most expeditious and economical manner 19 possible upon a finding by the board that the project has 20 been developed sufficiently to justify the issuance and that 21 the project can proceed to contract within a reasonable time. 22 The state board of finance shall further take the appropriate 23 steps necessary to comply with the Internal Revenue Code of 24 1986, as amended. Proceeds from the sale of the bonds are 25 appropriated for the purposes specified in this act. SFL/SB 471 Page 1 1 B. The agencies named in this act shall certify to 2 the state board of finance when the money from the proceeds 3 of the severance tax bonds authorized in this section is 4 needed for the purposes specified in the applicable section 5 of this act. If an agency has not certified the need for the 6 issuance of the bonds for a particular project, including 7 projects that have been reauthorized, by the end of fiscal 8 year 2010, the authorization for that project is void. 9 C. Before an agency may certify for the issuance 10 of severance tax bonds, the project must be developed 11 sufficiently so that the agency reasonably expects to: 12 (1) incur within six months after the 13 applicable bonds have been issued a substantial binding 14 obligation to a third party to expend at least five percent 15 of the bond proceeds for the project; and 16 (2) spend at least eighty-five percent of 17 the bond proceeds within three years after the applicable 18 bonds have been issued. 19 D. Except as otherwise specifically provided by 20 law: 21 (1) the unexpended balance from the proceeds 22 of severance tax bonds issued pursuant to this act for a 23 project shall revert to the severance tax bonding fund no 24 later than the following dates: 25 (a) for a project for which severance SFL/SB 471 Page 2 1 tax bonds were issued to match federal grants, six months 2 after completion of the project; 3 (b) for a project for which severance 4 tax bonds were issued to purchase vehicles, including 5 emergency vehicles and other vehicles that require special 6 equipment; heavy equipment; books; educational technology; or 7 other equipment or furniture that is not related to a more 8 inclusive construction or renovation project, at the end of 9 the fiscal year two years following the fiscal year in which 10 the severance tax bonds were issued for the purchase; and 11 (c) for any other project for which 12 severance tax bonds were issued, within six months of 13 completion of the project, but no later than the end of 14 fiscal year 2012; and 15 (2) all remaining balances from the proceeds 16 of severance tax bonds issued for a project pursuant to this 17 act shall revert to the severance tax bonding fund three 18 months after the latest reversion date specified for that 19 type of project in Paragraph (1) of this subsection, whether 20 or not any of the remaining balances are subject to a 21 contractual obligation to third parties. 22 E. Except for appropriations to the capital 23 program fund, money from severance tax bond proceeds provided 24 pursuant to this act shall not be used to pay indirect 25 project costs. SFL/SB 471 Page 3 1 F. For the purpose of this section, "unexpended 2 balance" means the remainder of an appropriation after 3 reserving for unpaid costs and expenses covered by binding 4 written obligations to third parties. 5 Section 2. GENERAL FUND AND OTHER FUND APPROPRIATIONS-- 6 LIMITATIONS--REVERSIONS.-- 7 A. Except as otherwise specifically provided by 8 law: 9 (1) the unexpended balance of an 10 appropriation made in this act from the general fund or other 11 state fund shall revert no later than the following dates: 12 (a) for a project for which an 13 appropriation was made to match federal grants, six months 14 after completion of the project; 15 (b) for a project for which an 16 appropriation was made to purchase vehicles, including 17 emergency vehicles and other vehicles that require special 18 equipment; heavy equipment; books; educational technology; or 19 other equipment or furniture that is not related to a more 20 inclusive construction or renovation project, at the end of 21 the fiscal year two years following the fiscal year in which 22 the appropriation was made for the purchase; and 23 (c) for any other project for which an 24 appropriation was made, within six months of completion of 25 the project, but no later than the end of fiscal year 2012; SFL/SB 471 Page 4 1 and 2 (2) all remaining balances from an 3 appropriation made in this act for a project shall revert 4 three months after the latest reversion date specified for 5 that type of project in Paragraph (1) of this subsection, 6 whether or not any of the remaining balances are subject to a 7 contractual obligation to third parties. 8 B. Upon certification by an agency that money from 9 the general fund is needed for a purpose specified in this 10 act, the secretary of finance and administration shall 11 disburse such amount of the appropriation for that project as 12 is necessary to meet that need. 13 C. Except for appropriations to the capital 14 program fund, money from appropriations made in this act 15 shall not be used to pay indirect project costs. 16 D. Except as provided in Subsection F of this 17 section, the balance of an appropriation made from the 18 general fund shall revert in the time frame set forth in 19 Subsection A of this section to the capital projects fund. 20 E. Except as provided in Subsection F of this 21 section, the balance of an appropriation made from other 22 state funds shall revert in the time frame set forth in 23 Subsection A of this section to the originating fund. 24 F. The balance of an appropriation made from the 25 general fund or other state fund to the Indian affairs SFL/SB 471 Page 5 1 department or the aging and long-term services department for 2 a project located on lands of an Indian nation, tribe or 3 pueblo shall revert in the time frame set forth in Subsection 4 A of this section to the tribal infrastructure project fund. 5 G. For the purpose of this section, "unexpended 6 balance" means the remainder of an appropriation after 7 reserving for unpaid costs and expenses covered by binding 8 written obligations to third parties. 9 Section 3. AGING AND LONG-TERM SERVICES DEPARTMENT 10 PROJECTS--SEVERANCE TAX BONDS.--Pursuant to the provisions of 11 Section 1 of this act, upon certification by the aging and 12 long-term services department that the need exists for the 13 issuance of the bonds, the following amounts are appropriated 14 to the aging and long-term services department for the 15 following purposes: 16 1. four hundred fifty thousand dollars ($450,000) 17 to plan, design, construct, equip and furnish a modular 18 building for a senior center in Paradise Hills in Bernalillo 19 county; 20 2. two hundred thousand dollars ($200,000) to 21 purchase, renovate, equip, furnish and landscape Los Amigos 22 nursing home facility, including planning, designing and land 23 acquisition, in Santa Rosa in Guadalupe county; 24 3. two hundred thousand dollars ($200,000) to 25 renovate the senior center and to plan, design and construct SFL/SB 471 Page 6 1 improvements to the senior center site at Ohkay Owingeh in 2 Rio Arriba county; and 3 4. one hundred twenty-five thousand dollars 4 ($125,000) for repairs and improvements to the Pueblo of 5 Nambe senior center in Santa Fe county. 6 Section 4. STATE ARMORY BOARD PROJECT--SEVERANCE TAX 7 BONDS.--Pursuant to the provisions of Section 1 of this act, 8 upon certification by the state armory board that the need 9 exists for the issuance of the bonds, one million dollars 10 ($1,000,000) is appropriated to the state armory board to 11 demolish old facilities and make upgrades to existing 12 facilities and staging areas at the Rio Rancho armory and at 13 armories statewide. 14 Section 5. CAPITAL PROGRAM FUND PROJECTS--SEVERANCE TAX 15 BONDS.--Pursuant to the provisions of Section 1 of this act, 16 upon certification by the property control division of the 17 general services department that the need exists for the 18 issuance of the bonds, the following amounts are appropriated 19 to the capital program fund for the following purposes: 20 1.
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