0001|                         HOUSE BILL 204
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                     LUCIANO "LUCKY" VARELA
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT A BUSINESS
    |
0014|     INCUBATOR FACILITY AND A COMMUNITY CENTER IN THE CITY OF SANTA
    |
0015|     FE LOCATED IN SANTA FE COUNTY; MAKING AN APPROPRIATION;
    |
0016|     DECLARING AN EMERGENCY.
    |
0017|     
    |
0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
    |
0020|            A.  The state board of finance may issue and sell
    |
0021|     severance tax bonds in compliance with the Severance Tax Bonding
    |
0022|     Act in an amount not exceeding two million dollars
    |
0023|     ($2,000,000) when the local government division of the
    |
0024|     department of finance and administration certifies the need for
    |
0025|     the issuance of the bonds.  The state board of finance shall
    |
0001|     schedule the issuance and sale of the bonds in the most
    |
0002|     expeditious and economical manner possible upon a finding by the
    |
0003|     board that the project has been developed sufficiently to
    |
0004|     justify the issuance and that the project can proceed to
    |
0005|     contract within a reasonable time.  The state board of finance
    |
0006|     shall further take the appropriate steps necessary to comply
    |
0007|     with the Internal Revenue Code of 1986, as amended.  The
    |
0008|     proceeds from the sale of the bonds are appropriated to the
    |
0009|     local government division of the department of finance and
    |
0010|     administration in the following amounts for the following
    |
0011|     purposes:
    |
0012|                 (1)  one million five hundred thousand dollars
    |
0013|     ($1,500,000) to plan, design and construct a community center in
    |
0014|     the city of Santa Fe located in Santa Fe county; and 
    |
0015|                 (2)  five hundred thousand dollars ($500,000) to
    |
0016|     plan, design and construct a business incubator facility in the
    |
0017|     city of Santa Fe located in Santa Fe county.  
    |
0018|            B.  If the local government division of the
    |
0019|     department of finance and administration has not certified the
    |
0020|     need for the issuance of the bonds by the end of fiscal year
    |
0021|     1998, the authorization provided in this section shall be void. 
    |
0022|     Any unexpended or unencumbered balance remaining from the
    |
0023|     proceeds of severance tax bonds issued pursuant to Subsection A
    |
0024|     of this section at the end of fiscal year 1999 shall revert to
    |
0025|     the severance tax bonding fund. 
    |
0001|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0002|     peace, health and safety that this act take effect immediately.
    |
0003|                              
    |
0004|     
    |