0001| SENATE BILL 533
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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| PATRICK H. LYONS
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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 A MULTIPURPOSE CENTER IN EAGLE NEST IN
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0014| COLFAX 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.--The state board of finance may issue
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0018| and sell severance tax bonds in compliance with the Severance
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0019| Tax Bonding Act in an amount not exceeding two hundred fifty
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0020| thousand dollars ($250,000) when the local government division
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0021| of the department of finance and administration certifies the
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0022| need for the issuance of the bonds. The state board of finance
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0023| shall schedule the issuance and sale of the bonds in the most
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0024| expeditious and economical manner possible upon a finding by the
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0025| board that the project has been developed sufficiently to
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0001| justify the issuance and that the project can proceed to
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0002| contract within a reasonable time. The state board of finance
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0003| shall further take the appropriate steps necessary to comply
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0004| with the Internal Revenue Code of 1986, as amended. The
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0005| proceeds from the sale of the bonds are appropriated to the
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0006| local government division of the department of finance and
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0007| administration for the purpose of designing, constructing,
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0008| equipping or furnishing a multipurpose center in Eagle Nest
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0009| located in Colfax county. Any unexpended or unencumbered
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0010| balance remaining at the end of fiscal year 1999 shall revert to
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0011| the severance tax bonding fund. If the local government
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0012| division of the department of finance and administration has not
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0013| certified the need for the issuance of the bonds by the end of
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0014| fiscal year 1998, the authorization provided in this section
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0015| shall be void.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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0018|
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0019|
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0020| FORTY-SECOND LEGISLATURE
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0021| SECOND SESSION, 1996
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0022|
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0023|
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0024| JANUARY 30, 1996
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0025|
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0001| Mr. President:
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0002|
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0003| Your COMMITEES' COMMITTEE, to whom has been referred
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0004|
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0005| SENATE BILL 533
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0006|
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0007| has had it under consideration and finds same to be GERMANE, PURSUANT
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0008| TO CONSTITITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0009| COMMITTEE.
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0010|
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0011| Respectfully submitted,
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0012|
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0013|
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0014|
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0015|
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0016| __________________________________
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0017| SENATOR MANNY M. ARAGON, Chairman
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0018|
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0019|
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0020|
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0021| Adopted_______________________ Not Adopted_______________________
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024|
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0025| Date ________________________
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0001|
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0002|
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0003|
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0004| S0533CC1
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