0001| | 0002| HOUSE BILL 70 | 0003| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0004| INTRODUCED BY | 0005| JOE NESTOR CHAVEZ | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PURCHASE AND EQUIP VANS FOR THE PAT | 0014| HURLEY PARK COMMUNITY CENTER IN ALBUQUERQUE IN BERNALILLO | 0015| COUNTY; MAKING AN APPROPRIATION; 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- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding fifty | 0022| thousand dollars ($50,000) when the local government division | 0023| of the department of finance and administration certifies the | 0024| need for the issuance of the bonds. The state board of finance | 0025| shall schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| local government division of the department of finance and | 0009| administration for the purpose of purchasing and equipping vans | 0010| for transportation of senior citizens and others to and from | 0011| the Pat Hurley Park community center on the west side of | 0012| Albuquerque located in Bernalillo county. Any unexpended or | 0013| unencumbered balance remaining at the end of fiscal year 2000 | 0014| shall revert to the severance tax bonding fund. If the local | 0015| government division of the department of finance and | 0016| administration has not certified the need for the issuance of | 0017| the bonds by the end of fiscal year 1999, the authorization | 0018| provided in this section 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|  |