0001|                         SENATE BILL 26
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                       MICHAEL S. SANCHEZ
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR LAND PURCHASE AND PLANNING, DESIGNING OR
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0014|     CONSTRUCTING A RECREATIONAL FACILITY AT BOSQUE FARMS IN VALENCIA
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0015|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding two hundred seventy
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0021|     thousand dollars ($270,000) when the local government division
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0022|     of the department of finance and administration certifies the
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0023|     need for the issuance of the bonds.  The state board of finance
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0024|     shall schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the 
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0001|     
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0002|     board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     local government division of the department of finance and
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0009|     administration for the purpose of land purchase and planning,
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0010|     designing or constructing basketball courts in the village of
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0011|     Bosque Farms located in Valencia county.  The certification and
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0012|     issuance of bonds is contingent upon matching funds received for
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0013|     the project from the village of Bosque Farms.  Any unexpended or
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0014|     unencumbered balance remaining at the end of fiscal year 1999
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0015|     shall revert to the severance tax bonding fund.  If the local
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0016|     government division of the department of finance and
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0017|     administration has not certified the need for the issuance of
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0018|     the bonds by the end of fiscal year 1998, the authorization
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0019|     provided in this section shall be void.
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0020|       Section 2.  EMERGENCY.--It is necessary for the public
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0021|     peace, health and safety that this act take effect immediately.
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0022|                              
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0023|     
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0024|             
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0025|   
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0001|                    FORTY-SECOND LEGISLATURE
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0002|                      SECOND SESSION, 1996
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0003|   
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0004|   
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0005|                                              JANUARY 22, 1996
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0006|   
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0007|   Mr. President:
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0008|   
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0009|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0010|   
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0011|                           SENATE BILL 26
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0012|   
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0013|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0014|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0015|   COMMITTEE.
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0016|   
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0017|                              Respectfully submitted,
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0018|   
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0019|   
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0020|   
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0021|   
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0022|                              __________________________________
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0023|                              SENATOR MANNY M. ARAGON, Chairman 
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0024|   
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0025|   
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0001|   
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0002|   Adopted_______________________ Not Adopted_______________________
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0003|             (Chief Clerk)                        (Chief Clerk)
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0004|   
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0005|   
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0006|                     Date ________________________
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0007|   
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0008|   
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0009|   
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0010|   S0026CC1
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