0001| HOUSE BILL 511 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| RON GENTRY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT AND EQUIP A | 0014| MULTIPURPOSE COMMUNITY CENTER AT EL CERRO MISSION LOCATED IN | 0015| VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding two hundred thirty-five thousand dollars ($235,000) when the local government | 0022| division of the department of finance and administration | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| local government division of the department of finance and | 0008| administration for the purpose of designing, constructing and | 0009| equipping a multipurpose community center at El Cerro mission | 0010| located in Valencia county. The certification and issuance of | 0011| bonds is contingent upon matching funds from Valencia county. | 0012| Any unexpended or unencumbered balance remaining at the end of | 0013| fiscal year 1999 shall revert to the severance tax bonding fund. | 0014| If the local government division of the department of finance | 0015| and administration has not certified the need for the issuance | 0016| of the bonds by the end of fiscal year 1998, the authorization | 0017| provided in this section shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| |