0001| SENATE BILL 721 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| SUE F. WILSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO COMPLETE CONSTRUCTION OF THE | 0013| MULTIPURPOSE BUILDING AT BASEBALL FIELDS IN THE EAST MOUNTAIN | 0014| AREA OF BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| 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 one | 0022| hundred fifty thousand dollars ($150,000) when the local | 0023| government division of the department of finance and | 0024| administration certifies the need for the issuance of the | 0025| bonds. The state board of finance shall schedule the issuance | 0001| and sale of the bonds in the most expeditious and economical | 0002| manner possible upon a finding by the board that the project | 0003| has been developed sufficiently to justify the issuance and | 0004| that the project can proceed to contract within a reasonable | 0005| time. The state board of finance shall further take the | 0006| appropriate steps necessary to comply with the Internal Revenue | 0007| Code of 1986, as amended. The proceeds from the sale of the | 0008| bonds are appropriated to the local government division of the | 0009| department of finance and administration for the purpose of | 0010| completing construction, including installing fire protection | 0011| equipment, of the multipurpose building at the East Mountain | 0012| little league baseball fields located in Bernalillo county. | 0013| The multipurpose building will include a concession stand, | 0014| recreational equipment storage, a meeting room, an observation | 0015| point for security purposes, handicapped-accessible restrooms, | 0016| mechanical rooms and electrical control rooms. Any unexpended | 0017| or unencumbered balance remaining at the end of fiscal year | 0018| 2000 shall revert to the severance tax bonding fund. If the | 0019| local government division of the department of finance and | 0020| administration has not certified the need for the issuance of | 0021| the bonds by the end of fiscal year 1999, the authorization | 0022| provided in this section shall be void. | 0023| Section 2. EMERGENCY.--It is necessary for the public | 0024| peace, health and safety that this act take effect immediately. | 0025|  |