0001| HOUSE BILL 367 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PATSY G. TRUJILLO | 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--PURPOSES FOR WHICH | 0020| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0021| A. The state board of finance may issue and sell | 0022| severance tax bonds in compliance with the Severance Tax Bonding | 0023| Act in an amount not exceeding two million dollars | 0024| ($2,000,000) when the local government division of the | 0025| department of finance and administration certifies the need for | 0001| the issuance of the bonds. The state board of finance shall | 0002| schedule the issuance and sale of the bonds in the most | 0003| expeditious and economical manner possible upon a finding by the | 0004| board that the project has been developed sufficiently to | 0005| justify the issuance and that the project can proceed to | 0006| contract within a reasonable time. The state board of finance | 0007| shall further take the appropriate steps necessary to comply | 0008| with the Internal Revenue Code of 1986, as amended. The | 0009| proceeds from the sale of the bonds are appropriated to the | 0010| local government division of the department of finance and | 0011| administration in the following amounts for the following | 0012| purposes: | 0013| (1) one million five hundred thousand dollars | 0014| ($1,500,000) to plan, design and construct a community center in | 0015| the city of Santa Fe located in Santa Fe county; and | 0016| (2) five hundred thousand dollars ($500,000) to | 0017| plan, design and construct a business incubator facility in the | 0018| city of Santa Fe located in Santa Fe county. | 0019| B. If the local government division of the | 0020| department of finance and administration has not certified the | 0021| need for the issuance of the bonds by the end of fiscal year | 0022| 1998, the authorization provided in this section shall be void. | 0023| Any unexpended or unencumbered balance remaining from the | 0024| proceeds of severance tax bonds issued pursuant to Subsection A | 0025| of this section at the end of fiscal year 1999 shall revert to | 0001| the severance tax bonding fund. | 0002| Section 2. EMERGENCY.--It is necessary for the public | 0003| peace, health and safety that this act take effect immediately. | 0004|  | 0005| |