0001|                        SENATE BILL 481
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                            DON KIDD
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR PARKING LOT IMPROVEMENTS IN CARLSBAD IN
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0014|     EDDY COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|            A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax Bonding
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0020|     Act in an amount not exceeding one hundred seventeen thousand
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0021|     five hundred dollars ($117,500) when the local government
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0022|     division of the department of finance and administration
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     local government division of the department of finance and
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0008|     administration in the following amounts for the following
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0009|     purposes:
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0010|                 (1)  fifty thousand dollars ($50,000) for paving
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0011|     and lighting improvements to the San Jose senior recreation
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0012|     center in Carlsbad in Eddy county;
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0013|                 (2)  thirty thousand dollars ($30,000) for
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0014|     parking lot lighting for the convention center in Carlsbad in
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0015|     Eddy county;
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0016|                 (3)  twenty-five thousand dollars ($25,000) for
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0017|     paving improvements to the Carlsbad radio control airport in
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0018|     Carlsbad in Eddy county; and
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0019|                 (4)  twelve thousand five hundred dollars
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0020|     ($12,500) for paving and lighting improvements to the Carlsbad
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0021|     literacy program parking lot in Carlsbad in Eddy county.           B.  If the local government division of the
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0022|     department of finance and administration has not certified the
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0023|     need for the issuance of the bonds by the end of fiscal year
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0024|     1998, the authorization provided in this section shall be void. 
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0025|     Any unexpended or unencumbered balance remaining from the
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0001|     proceeds of severance tax bonds issued pursuant to Subsection A
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0002|     of this section at the end of fiscal year 1999 shall revert to
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0003|     the severance tax bonding fund. 
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0004|       Section 2.  EMERGENCY.--It is necessary for the public
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0005|     peace, health and safety that this act take effect immediately.
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0006|                                      
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0007|   
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0008|                    FORTY-SECOND LEGISLATURE
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0009|                      SECOND SESSION, 1996
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0010|   
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0011|   
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0012|                                              JANUARY 30, 1996
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0013|   
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0014|   Mr. President:
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0015|   
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0016|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0017|   
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0018|                           SENATE BILL 481
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0019|   
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0020|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0021|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0022|   COMMITTEE.
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0023|   
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0024|                              Respectfully submitted,
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0025|   
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0001|   
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0002|   
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0003|   
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0004|                              __________________________________
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0005|                              SENATOR MANNY M. ARAGON, Chairman 
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0006|   
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0007|   
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0008|   
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0009|   Adopted_______________________ Not Adopted_______________________
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0010|             (Chief Clerk)                        (Chief Clerk)
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0011|   
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0012|   
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0013|                     Date ________________________
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0014|   
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0015|   
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0016|   
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0017|   S0481CC1
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