0001|                            HOUSE BILL 708
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          PAULINE K. GUBBELS
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR AN INTERGOVERNMENTAL COMMUNITY CENTER
    |
0013|     IN THE NEW KIMO NEIGHBORHOOD IN ALBUQUERQUE LOCATED IN
    |
0014|     BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0015|     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 one
    |
0022|     hundred thousand dollars ($100,000) when the local government
    |
0023|     division of the department of finance and administration
    |
0024|     certifies the need for the issuance of the bonds.  The state
    |
0025|     board of finance shall schedule the issuance and sale of the
    |
0001|     bonds in the most expeditious and economical manner possible
    |
0002|     upon a finding by the board that the project has been developed
    |
0003|     sufficiently to justify the issuance and that the project can
    |
0004|     proceed to contract within a reasonable time.  The state board
    |
0005|     of finance shall further take the appropriate steps necessary
    |
0006|     to comply with the Internal Revenue Code of 1986, as amended. 
    |
0007|     The proceeds from the sale of the bonds are appropriated to the
    |
0008|     local government division for the purpose of constructing phase
    |
0009|     one of an intergovernmental community center in the New Kimo
    |
0010|     neighborhood in Albuquerque located in Bernalillo county.  The
    |
0011|     certification and issuance of the bonds is contingent upon the
    |
0012|     city of Albuquerque providing funding of at least one hundred
    |
0013|     thousand dollars ($100,000) for phase one of the project from
    |
0014|     sources other than the state.  Any unexpended or unencumbered
    |
0015|     balance remaining at the end of fiscal year 2000 shall revert
    |
0016|     to the severance tax bonding fund.  If the local government
    |
0017|     division has not certified the need for the issuance of the
    |
0018|     bonds by the end of fiscal year 1999, the authorization
    |
0019|     provided in this section shall be void.
    |
0020|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0021|     peace, health and safety that this act take effect immediately.
    |
0022|                                  
    |