0001|                           SENATE BILL 842
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                           MANNY M. ARAGON
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR SPECIAL EQUIPMENT FOR THE NEW MEXICO
    |
0013|     HISPANIC CULTURAL CENTER IN BERNALILLO COUNTY; MAKING AN
    |
0014|     APPROPRIATION; DECLARING AN 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.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding seven
    |
0021|     hundred thirty-one thousand two hundred forty dollars
    |
0022|     ($731,240) when the office of cultural affairs certifies the
    |
0023|     need for the issuance of the bonds.  The state board of finance
    |
0024|     shall schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by
    |
0001|     the board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     office of cultural affairs for the purpose of purchasing and
    |
0008|     installing special equipment and systems needed for efficient
    |
0009|     operations of the New Mexico Hispanic cultural center in
    |
0010|     Albuquerque located in Bernalillo county.  Included in this
    |
0011|     total appropriation is one percent for the art in public places
    |
0012|     fund.  Any unexpended or unencumbered balance remaining at the
    |
0013|     end of fiscal year 2000 shall revert to the severance tax
    |
0014|     bonding fund.  If the office of cultural affairs has not
    |
0015|     certified the need for the issuance of the bonds by the end of
    |
0016|     fiscal year 1999, the authorization provided in this section
    |
0017|     shall be void.
    |
0018|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0019|     peace, health and safety that this act take effect immediately.
    |
0020|                                  
    |