0001|                         HOUSE BILL 367
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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|                       PATSY G. TRUJILLO
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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 PLAN, DESIGN AND CONSTRUCT A BUSINESS
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0014|     INCUBATOR FACILITY AND A COMMUNITY CENTER IN THE CITY OF SANTA
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0015|     FE LOCATED IN SANTA FE COUNTY; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH 
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0020|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0021|            A.  The state board of finance may issue and sell
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0022|     severance tax bonds in compliance with the Severance Tax Bonding
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0023|     Act in an amount not exceeding two million dollars
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0024|     ($2,000,000) when the local government division of the
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0025|     department of finance and administration certifies the need for
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0001|     the issuance of the bonds.  The state board of finance shall
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0002|     schedule the issuance and sale of the bonds in the most
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0003|     expeditious and economical manner possible upon a finding by the
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0004|     board that the project has been developed sufficiently to
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0005|     justify the issuance and that the project can proceed to
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0006|     contract within a reasonable time.  The state board of finance
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0007|     shall further take the appropriate steps necessary to comply
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0008|     with the Internal Revenue Code of 1986, as amended.  The
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0009|     proceeds from the sale of the bonds are appropriated to the
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0010|     local government division of the department of finance and
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0011|     administration in the following amounts for the following
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0012|     purposes:
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0013|                 (1)  one million five hundred thousand dollars
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0014|     ($1,500,000) to plan, design and construct a community center in
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0015|     the city of Santa Fe located in Santa Fe county; and 
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0016|                 (2)  five hundred thousand dollars ($500,000) to
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0017|     plan, design and construct a business incubator facility in the
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0018|     city of Santa Fe located in Santa Fe county.  
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0019|            B.  If the local government division of the
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0020|     department of finance and administration has not certified the
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0021|     need for the issuance of the bonds by the end of fiscal year
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0022|     1998, the authorization provided in this section shall be void. 
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0023|     Any unexpended or unencumbered balance remaining from the
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0024|     proceeds of severance tax bonds issued pursuant to Subsection A
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0025|     of this section at the end of fiscal year 1999 shall revert to
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0001|     the severance tax bonding fund. 
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0002|       Section 2.  EMERGENCY.--It is necessary for the public
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0003|     peace, health and safety that this act take effect immediately.
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0004|                              
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0005|     
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