0001| HOUSE BILL 274 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RON GENTRY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR RECREATIONAL FACILITY IMPROVEMENTS IN | 0013| VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0014| EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding fifty thousand dollars | 0022| ($50,000) when the local government division of the department | 0023| of finance and administration certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| 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 in the following amounts for the following | 0010| purposes: | 0011| (1) twenty-five thousand dollars ($25,000) to | 0012| design, construct and equip improvements to the El Cerro | 0013| community center in Valencia county; and | 0014| (2) twenty-five thousand dollars ($25,000) to | 0015| design, construct and equip improvements to the Meadow Lake | 0016| community center in Valencia county. | 0017| B. If the local government division of the | 0018| department of finance and administration has not certified the | 0019| need for the issuance of the bonds by the end of fiscal year | 0020| 1999, the authorization provided in this section shall be void. | 0021| Any unexpended or unencumbered balance remaining from the | 0022| proceeds of severance tax bonds issued pursuant to Subsection A | 0023| of this section at the end of fiscal year 2000 shall revert to | 0024| the severance tax bonding fund. | 0025| Section 2. EMERGENCY.--It is necessary for the public | 0001| peace, health and safety that this act take effect immediately. | 0002| - 3 - |