0001| HOUSE BILL 556 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| NICK L. SALAZAR | 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 A MULTIPURPOSE | 0014| BUILDING AT ALCALDE IN RIO ARRIBA 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 three hundred | 0021| thousand four hundred dollars ($300,400) when the local | 0022| government division of the department of finance and | 0023| administration certifies the need for the issuance of the bonds. | 0024| The state board of finance shall schedule the issuance and sale | 0025| of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the local government division of the department | 0008| of finance and administration for the purpose of planning, | 0009| designing or constructing, including necessary site work, phases | 0010| I and II of a multipurpose community building at Alcalde | 0011| located in Rio Arriba county. Any unexpended or unencumbered | 0012| balance remaining at the end of fiscal year 1999 shall revert to | 0013| the severance tax bonding fund. If the local government | 0014| division of the department of finance and administration has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1998, 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|  |