0001| SENATE BILL 642 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| RICHARD M. ROMERO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE BARELAS COMMUNITY CENTER IN | 0014| ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding five hundred thousand | 0021| dollars ($500,000) when the local government division of the | 0022| department of finance and administration certifies the need for | 0023| the issuance of the bonds. The state board of finance shall | 0024| schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by the | 0001| board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| 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 completing the expansion and | 0009| construction of an addition for a children's daycare facility to | 0010| the Barelas community center in Albuquerque located in | 0011| Bernalillo county. Any unexpended or unencumbered balance | 0012| remaining at the end of fiscal year 1999 shall revert to the | 0013| severance tax bonding fund. If the local government division of | 0014| the department of finance and administration has not certified | 0015| the need for the issuance of the bonds by the end of fiscal year | 0016| 1998, the authorization provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  | 0020|  | 0021| | 0022| FORTY-SECOND LEGISLATURE | 0023| SECOND SESSION, 1996 | 0024| | 0025| | 0001| JANUARY 31, 1996 | 0002| | 0003| Mr. President: | 0004| | 0005| Your COMMITTEES' COMMITTEE, to whom has been referred | 0006| | 0007| SENATE BILL 642 | 0008| | 0009| has had it under consideration and finds same to be GERMANE, PURSUANT | 0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0011| COMMITTEE. | 0012| | 0013| Respectfully submitted, | 0014| | 0015| | 0016| | 0017| | 0018| __________________________________ | 0019| SENATOR MANNY M. ARAGON, Chairman | 0020| | 0021| | 0022| | 0023| Adopted_______________________ Not Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| Date ________________________ | 0003| | 0004| | 0005| | 0006| S0642CC1 |