0001| HOUSE BILL 914 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| DEBBIE A. RODELLA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE TRES PIEDRAS COMMUNITY CENTER IN | 0013| TAOS COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0018| issue and sell severance tax bonds in compliance with the | 0019| Severance Tax Bonding Act in an amount not exceeding one | 0020| hundred thousand dollars ($100,000) when the local government | 0021| division of the department of finance and administration | 0022| certifies the need for the issuance of the bonds. The state | 0023| board of finance shall schedule the issuance and sale of the | 0024| bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary | 0004| to comply with the Internal Revenue Code of 1986, as amended. | 0005| The proceeds from the sale of the bonds are appropriated to the | 0006| local government division of the department of finance and | 0007| administration for the purpose of acquiring and improving a | 0008| site and installing necessary infrastructure for permanent | 0009| placement of a modular building to be used as the Tres Piedras | 0010| community center located in Taos county. Any unexpended or | 0011| unencumbered balance remaining at the end of fiscal year 2000 | 0012| shall revert to the severance tax bonding fund. If the local | 0013| government division of the department of finance and | 0014| administration has not certified the need for the issuance of | 0015| the bonds by the end of fiscal year 1999, the authorization | 0016| 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|  |