0001| HOUSE BILL 324 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| SAMUEL F. VIGIL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE RENOVATION OF THE BERNAL COMMUNITY | 0013| CENTER IN SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING | 0014| 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- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding thirty- | 0021| five thousand six hundred dollars ($35,600) when the local | 0022| government division of the department of finance and | 0023| administration certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the local government division of the | 0008| department of finance and administration for the purpose of | 0009| purchasing equipment for, contracting for and constructing | 0010| improvements to the Bernal community center located in San | 0011| Miguel county. Any unexpended or unencumbered balance | 0012| remaining at the end of fiscal year 2000 shall revert to the | 0013| severance tax bonding fund. If the local government division | 0014| of the department of finance and administration has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1999, the authorization provided in this section | 0017| 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|  |