0001| SENATE BILL 451 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BEN D. ALTAMIRANO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE HURLEY COMMUNITY CENTER IN GRANT | 0014| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0018| and sell severance tax bonds in compliance with the Severance | 0019| Tax Bonding Act in an amount not exceeding fifty thousand | 0020| dollars ($50,000) when the local government division of the | 0021| department of finance and administration certifies the need for | 0022| the issuance of the bonds. The state board of finance shall | 0023| schedule the issuance and sale of the bonds in the most | 0024| expeditious and economical manner possible upon a finding by the | 0025| board that the project has been developed sufficiently to | 0001| justify the issuance and that the project can proceed to | 0002| contract within a reasonable time. The state board of finance | 0003| shall further take the appropriate steps necessary to comply | 0004| with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the | 0006| local government division of the department of finance and | 0007| administration for the purpose of completing construction of the | 0008| Hurley community center located in Grant county. Any unexpended | 0009| or unencumbered balance remaining at the end of fiscal year 1999 | 0010| shall revert to the severance tax bonding fund. If the local | 0011| government division of the department of finance and | 0012| administration has not certified the need for the issuance of | 0013| the bonds by the end of fiscal year 1998, the authorization | 0014| provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  | 0018|  | 0019| | 0020| FORTY-SECOND LEGISLATURE | 0021| SECOND SESSION, 1996 | 0022| | 0023| | 0024| JANUARY 30, 1996 | 0025| | 0001| Mr. President: | 0002| | 0003| Your COMMITTEES' COMMITTEE, to whom has been referred | 0004| | 0005| SENATE BILL 451 | 0006| | 0007| has had it under consideration and finds same to be GERMANE, PURSUANT | 0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0009| COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| | 0016| __________________________________ | 0017| SENATOR MANNY M. ARAGON, Chairman | 0018| | 0019| | 0020| | 0021| Adopted_______________________ Not Adopted_______________________ | 0022| (Chief Clerk) (Chief Clerk) | 0023| | 0024| | 0025| Date ________________________ | 0001| | 0002| | 0003| | 0004| S0451CC1 |