0001| SENATE BILL 397 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| TOM R. BENAVIDES | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT AN EXPANSION | 0014| AND RENOVATION OF THE WESTSIDE COMMUNITY CENTER IN THE SOUTH | 0015| VALLEY OF ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING AN | 0016| APPROPRIATION; DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding five hundred forty-five thousand dollars ($545,000) when the local government | 0022| division of the department of finance and administration | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| local government division of the department of finance and | 0008| administration for the purpose of planning, designing and | 0009| constructing an expansion of the gymnasium and renovation of the | 0010| offices, reception area restrooms, bleachers and stage area of | 0011| the Westside community center in the south valley of Albuquerque | 0012| located in Bernalillo county. Any unexpended or unencumbered | 0013| balance remaining at the end of fiscal year 1999 shall revert to | 0014| the severance tax bonding fund. If the local government | 0015| division of the department of finance and administration has not | 0016| certified the need for the issuance of the bonds by the end of | 0017| fiscal year 1998, the authorization provided in this section | 0018| shall be void. | 0019| Section 2. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  | 0022|  | 0023| | 0024| FORTY-SECOND LEGISLATURE | 0025| SECOND SESSION, 1996 | 0001| | 0002| | 0003| JANUARY 29, 1996 | 0004| | 0005| Mr. President: | 0006| | 0007| Your COMMITTEES' COMMITTEE, to whom has been referred | 0008| | 0009| SENATE BILL 397 | 0010| | 0011| has had it under consideration and finds same to be GERMANE, PURSUANT | 0012| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0013| COMMITTEE. | 0014| | 0015| Respectfully submitted, | 0016| | 0017| | 0018| | 0019| | 0020| __________________________________ | 0021| SENATOR MANNY M. ARAGON, Chairman | 0022| | 0023| | 0024| | 0025| Adopted_______________________ Not Adopted_______________________ | 0001| (Chief Clerk) (Chief Clerk) | 0002| | 0003| | 0004| Date ________________________ | 0005| | 0006| | 0007| | 0008| S0397CC1 |