0001| SENATE BILL 51
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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| PHILLIP J. MALOOF
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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 IMPROVE AND EXPAND FACILITIES AT THE
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0014| ATRISCO RECREATIONAL COMPLEX ON THE WEST SIDE OF 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding two hundred thousand
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0021| dollars ($200,000) when the local government division of the
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0022| department of finance and administration certifies the need for
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0023| the issuance of the bonds. The state board of finance shall
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0024| schedule the issuance and sale of the bonds in the most
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0025| expeditious and economical manner possible upon a finding by the
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0001| board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| local government division of the department of finance and
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0008| administration for the purpose of improving and expanding
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0009| facilities at the Atrisco recreational complex south of Central
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0010| avenue and west of Atrisco road located in Bernalillo county.
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0011| Any unexpended or unencumbered balance remaining at the end of
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0012| fiscal year 1999 shall revert to the severance tax bonding fund.
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0013| If the local government division of the department of finance
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0014| and administration has not certified the need for the issuance
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0015| of the bonds by the end of fiscal year 1998, the authorization
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0016| provided in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0019| - 2 -
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0020|
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0021| FORTY-SECOND LEGISLATURE
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0022| SECOND SESSION, 1996
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0023|
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0024|
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0025| JANUARY 18, 1996
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0001|
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0002| Mr. President:
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0003|
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0004| Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|
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0006| SENATE BILL 51
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0007|
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0008| has had it under consideration and finds same to be GERMANE, PURSUANT
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0009| TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE
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0010| FINANCE COMMITTEE.
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0011|
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0012| Respectfully submitted,
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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| SENATOR MANNY M. ARAGON, Chairman
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0019|
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0020|
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0021|
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0022| Adopted_______________________ Not Adopted_______________________
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0023| (Chief Clerk) (Chief Clerk)
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0024|
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0025|
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0001| Date ________________________
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0002|
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0003|
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0004|
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0005| The roll call vote was For Against
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0006| Yes:
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0007| No:
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0008| Excused:
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0009| Absent:
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0010|
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0011|
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0012| S0051CC1
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