0001|     
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0002|                            HOUSE BILL 70
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0003|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0004|                            INTRODUCED BY
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0005|                          JOE NESTOR CHAVEZ
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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 TO PURCHASE AND EQUIP VANS FOR THE PAT
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0014|     HURLEY PARK COMMUNITY CENTER IN ALBUQUERQUE IN BERNALILLO
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0015|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding fifty
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0022|     thousand dollars ($50,000) when the local government division
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0023|     of the department of finance and administration certifies the
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0024|     need for the issuance of the bonds.  The state board of finance
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0025|     shall schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     local government division of the department of finance and
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0009|     administration for the purpose of purchasing and equipping vans
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0010|     for transportation of senior citizens and others to and from
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0011|     the Pat Hurley Park community center on the west side of
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0012|     Albuquerque located in Bernalillo county.  Any unexpended or
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0013|     unencumbered balance remaining at the end of fiscal year 2000
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0014|     shall revert to the severance tax bonding fund.  If the local
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0015|     government division of the department of finance and
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0016|     administration has not certified the need for the issuance of
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0017|     the bonds by the end of fiscal year 1999, the authorization
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0018|     provided in this section shall be void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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