0001| HOUSE BILL 379 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| LISA L. LUTZ | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO PURCHASE AND INSTALL RECREATIONAL | 0013| EQUIPMENT FOR PLAYGROUNDS IN RIO RANCHO IN SANDOVAL COUNTY; | 0014| 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- | 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 one | 0021| hundred thousand dollars ($100,000) 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 | 0005| to comply with the Internal Revenue Code of 1986, as amended. | 0006| The 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 purchasing and installing | 0009| recreational equipment at Star Heights park and Vista Hills | 0010| park located in Rio Rancho in Sandoval county. The equipment | 0011| shall meet requirements of the Americans with Disabilities Act | 0012| of 1990, the consumer product safety commission and the | 0013| American society of testing materials. Any unexpended or | 0014| unencumbered balance remaining at the end of fiscal year 2000 | 0015| shall revert to the severance tax bonding fund. If the local | 0016| government division of the department of finance and | 0017| administration has not certified the need for the issuance of | 0018| the bonds by the end of fiscal year 1999, the authorization | 0019| provided in this section shall be void. | 0020| Section 2. EMERGENCY.--It is necessary for the public | 0021| peace, health and safety that this act take effect immediately. | 0022|  |