0001| SENATE BILL 1019
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| WILLIAM H. PAYNE
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0005|
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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| AN ACT
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0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012| SEVERANCE TAX BONDS FOR THE HOLIDAY SHELTER CENTER RENOVATION
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0013| IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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0014| 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-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding one
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0021| hundred twenty thousand dollars ($120,000) when the local
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0022| government division of the department of finance and
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0023| administration certifies the need for the issuance of the
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0024| bonds. The state board of finance shall schedule the issuance
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0025| and sale of the bonds in the most expeditious and economical
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0001| manner possible upon a finding by the board that the project
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0002| has been developed sufficiently to justify the issuance and
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0003| that the project can proceed to contract within a reasonable
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0004| time. The state board of finance shall further take the
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0005| appropriate steps necessary to comply with the Internal Revenue
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0006| Code of 1986, as amended. The proceeds from the sale of the
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0007| bonds are appropriated to the local government division for the
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0008| purpose of renovating, including improving the site, furnishing
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0009| and equipping the Holiday Shelter center in Albuquerque located
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0010| in Bernalillo county. Any unexpended or unencumbered balance
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0011| remaining at the end of fiscal year 2000 shall revert to the
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0012| severance tax bonding fund. If the local government division
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0013| has not certified the need for the issuance of the bonds by the
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0014| end of fiscal year 1999, the authorization provided in this
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0015| section 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|
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0021| FORTY-THIRD LEGISLATURE
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0022| FIRST SESSION, 1997
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0023|
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0024|
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0025| February 27, 1997
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0001|
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0002| Mr. President:
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0003|
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0004| Your CONSERVATION COMMITTEE, to whom has been referred
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0005|
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0006| SENATE BILL 1019
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS, and thence referred to the
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0010| FINANCE COMMITTEE.
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0011|
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0012| Respectfully submitted,
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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| __________________________________
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0018| Michael S. Sanchez, Chairman
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0020|
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0021|
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0022| Adopted_______________________ Not
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0023| Adopted_______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001|
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0002| Date ________________________
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0003|
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0004|
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0005| The roll call vote was 6 For 0 Against
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0006| Yes: 6
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0007| No: None
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0008| Excused: Eisenstadt, Lyons, Macias, Sanchez
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0009| Absent: None
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0010|
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0011|
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0012| S1019C01
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0013|
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