0001| HOUSE BILL 249 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ALBERT GURULE | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO RENOVATE THE WEST CENTRAL YOUTH CENTER IN | 0014| ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING AN | 0015| APPROPRIATION; DECLARING 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding twenty-five thousand | 0021| dollars ($25,000) when the local government division of the | 0022| department of finance and administration certifies the need for | 0023| the issuance of the bonds. The state board of finance shall | 0024| schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by the | 0001| 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| local government division of the department of finance and | 0008| administration for the purpose of renovating the West Central | 0009| youth center in Albuquerque located in Bernalillo county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 1999 shall revert to the severance tax bonding fund. | 0012| If the local government division of the department of finance | 0013| and administration has not certified the need for the issuance | 0014| of the bonds by the end of fiscal year 1998, the authorization | 0015| provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  | 0019| |