SB 280 — PASEO DEL NORTE STB'S

SENATE BILL 280 55TH LEGISLATURE -STATEOFNEWMEXICO-- STATEOFNEWMEXICO- FIRST SESSION, 2021 INTRODUCED BY Harold Pope, Jr.

And Joy Garratt and Katy Duhigg 6This 8document 10may ANincorporate ACTamendments RELATINGproposed TOby CAPITALa EXPENDITURES;committee, but not yet adopted, as well as amendments that have been adopted during the current legislative session.

AUTHORIZINGThe THEdocument ISSUANCEis OFa SEVERANCEtool TAXto BONDSshow FORamendments PLANNING,in DESIGNcontext ANDand CONSTRUCTIONcannot TObe COMPLETEused PASEOfor DELthe NORTEpurpose NORTHWESTof INadding BERNALILLOamendments COUNTYto ANDlegislation. WIDEN THE ROADWAY TO TWO LANES;

MAKINGh AN APPROPRIATION.ACT g o RELATING TO CAPITAL EXPENDITURES;

16AUTHORIZING BETHE ITISSUANCE ENACTEDOF BYt THEhr LEGISLATUREg OFe i k SEVERANCE TAX BONDS FOR PLANNING, DESIGN AND CONSTRUCTION TO h r i s COMPLETE PASEO DEL NORTE NORTHWEST IN BERNALILLO COUNTY AND h , t, WIDEN THE STATEROADWAY OFTO NEWSTBTCº MEXICO:TWO»STBTC STBTCºFOUR»STBTC LANES;

e tu 17g SECTIONe 1.b l e e h MAKING AN APPROPRIATION.

[NEWn MATERIAL]d SEVERANCEd TAXi BONDS--PURPOSE= w= o h l n] db 18,d FORi WHICHa ISSUED--APPROPRIATIONº OFe PROCEEDS.--BE =IT =ENACTED 19BY aTHE lLEGISLATURE A.OF THE STATE OF NEW MEXICO:

Ther state board of finance may issue and sell i a= e r 20 severance tax bonds in compliance with the Severance Tax a t me mw 21 Bonding Act in an amount not to exceed eight million five d rm e 22 hundred thousand dollars ($8,500,000) for the planning, design c e s k 23 and construction to complete Paseo del Norte northwest in e a n bo 24SECTION Bernalillo1. county and to widen the roadway to two lanes.

When[NEW uMATERIAL [] theSEVERANCE departmentTAX ofBONDS--PURPOSE transportationd certifiesm that: the need for .219075.1 the issuance of the bonds exists, the state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible upon a finding by the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time.

Theb statee boardd ofs financeº shallo furthert taken the= appropriate.219075.1AIC stepsMarch necessary4, to2021 comply(11:21am) withs thek federalm Internale Revenuee Codea ofn 1986,e asd amended.r e l u [ A d FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- A.

B.The state board of finance may issue and sell severance tax bonds in compliance with the Severance Tax Bonding Act in an amount not to exceed eight million five hundred thousand dollars ($8,500,000) for the planning, design and construction to complete Paseo del Norte northwest in Bernalillo county and to widen the roadway to STBTCº two»STBTC STBTCºfour»STBTC lanes.

TheWhen proceedsthe fromdepartment of transportation certifies that the saleneed for the issuance of the bonds pursuantexists, tothe Subsectionstate Aboard of thisfinance sectionshall areschedule appropriated to the localissuance governmentand divisionsale of the departmentbonds ofin financethe most expeditious and administrationeconomical tomanner plan,possible designupon anda constructfinding by the completionboard ofthat Paseothe delproject Nortehas northwestbeen indeveloped Bernalillosufficiently countyto justify the issuance and widenthat the roadwayproject can proceed to twocontract lanes;within a reasonable time.

providedThe thatstate moneyboard fromof severancefinance taxshall bondfurther proceedstake providedthe pursuantappropriate steps necessary to thiscomply sectionwith shallthe notfederal beInternal usedRevenue toCode payof indirecth project1986, costs.as amended.

eu t» 17r C.B.

AnyThe unexpendedproceeds orfrom unencumberedthe balancesale remainingof wthe bonds pursuant t h g e l ni dto 18Subsection atA of this section are appropriated to the endlocal h r i s government division of fiscalthe yeardepartment 2025of shallfinance revertand h , e h administration to plan, design and construct the severancecompletion of t u g e b l e e , gh Paseo del Norte northwest in Bernalillo county and widen the n d d i = = 19o ah lroadway taxto bondingSTBTCº fund.two»STBTC STBTCºfour»STBTC lanes;

Ifprovided thel department] ofb transportation,d has not i a eº r 20that certifiedmoney thefrom needseverance fortax thebond issuanceproceeds ofprovided thepursuant bondse byr the= endt ofe aw td m ma 21n fiscalo yearto 2022, the authorization in this section shall not be dused rto epay 22indirect void.project d m :

cb r e t º o t n = .219075.1AIC March 4, 2021 (11:21am) s k 23m e - 2 - e a n be 24d r e l u [ .219075.1A d costs.

C.

Any unexpended or unencumbered balance remaining at the end of fiscal year 2025 shall revert to the severance tax bonding fund.

If the department of transportation has not certified the need for the issuance of the bonds by the end of fiscal year 2022, the authorization in this section shall be void.

- 3 - » g o » r h t i k l i g t h s , e h t l i w l b l e e , gh n d l h = = b , a l º d i a r e r = , a t e d m a n o d m :

b r e t º o t n = .219075.1AIC March 4, 2021 (11:21am) s k m e e a n e d r e l u [ A d