0001|                        SENATE BILL 283
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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|                       JOHN ARTHUR SMITH
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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 CONSTRUCT A VISITOR BUILDING AND MAKE
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0014|     IMPROVEMENTS TO AND CONSTRUCT RENOVATIONS TO THE LOUIS P. ARMIJO
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0015|     RECREATION COMPLEX IN TRUTH OR CONSEQUENCES LOCATED IN SIERRA
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0016|     COUNTY; MAKING AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding three hundred eighty-two thousand dollars ($382,000) when the local government
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0022|     division of the department of finance and administration
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply 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 constructing a visitor
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0009|     building and making improvements to and constructing renovations
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0010|     to the Louis P. Armijo recreation complex in Truth or
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0011|     Consequences located in Sierra county.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 1999
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0013|     shall revert to the severance tax bonding fund.  If the local
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0014|     government division of the department of finance and
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0015|     administration has not certified the need for the issuance of
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0016|     the bonds by the end of fiscal year 1998, the authorization
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0017|     provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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0021|             
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0022|   
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0023|                    FORTY-SECOND LEGISLATURE
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0024|                      SECOND SESSION, 1996
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0025|   
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0001|   
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0002|                                              JANUARY 26, 1996
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0003|   
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0004|   Mr. President:
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0005|   
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0006|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0007|   
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0008|                           SENATE BILL 283
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0009|   
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0010|   has had it under consideration and finds same to be GERMANE, PURSUNAT
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0011|   TO CONSTITUTIONAL PROVISIONS PURSUNAT TO CONSTITUTIONAL PROVISIONS, and
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0012|   thence referred to the FINANCE COMMITTEE.
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0013|   
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0014|                              Respectfully submitted,
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0015|   
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0016|   
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0017|   
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0018|   
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0019|                              __________________________________
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0020|                              SENATOR MANNY M. ARAGON, Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________ Not Adopted_______________________
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0025|             (Chief Clerk)                        (Chief Clerk)
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   
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0007|   S0283CC1
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