0001| HOUSE BILL 310 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BEN LUJAN | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PLAN, DESIGN OR CONSTRUCT PHASE II OF THE | 0014| RIO EN MEDIO COMMUNITY CENTER LOCATED IN SANTA FE COUNTY; MAKING | 0015| AN 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 three hundred | 0021| sixty-two thousand dollars ($362,000) when the local government | 0022| division of the department of finance and administration | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply 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 planning, designing or | 0009| constructing phase II of the Rio en Medio community center | 0010| located in Santa Fe county. Any unexpended or unencumbered | 0011| balance remaining at the end of fiscal year 1999 shall revert to | 0012| the severance tax bonding fund. If the local government | 0013| division of the department of finance and administration has not | 0014| certified the need for the issuance of the bonds by the end of | 0015| fiscal year 1998, the authorization provided in this section | 0016| 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|  | 0020| |