0001| SENATE BILL 135 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ELIZABETH T. STEFANICS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE ACQUISITION OF LAND IN THE COMMUNITY | 0014| OF MADRID IN SANTA FE COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| 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 one hundred thirty-nine thousand dollars ($139,000) when the local government | 0021| division of the department of finance and administration | 0022| certifies the need for the issuance of the bonds. The state | 0023| board of finance shall schedule the issuance and sale of the | 0024| bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary to | 0004| comply with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the | 0006| local government division of the department of finance and | 0007| administration for the purpose of acquiring a tract of thirteen | 0008| and fifty-two hundredths acres of land for Santa Fe county to be | 0009| used for open space, the development of community infrastructure | 0010| improvements, storm water drainage capacity and wastewater | 0011| collection and disposal facilities within the community of | 0012| Madrid located in Santa Fe county. Any unexpended or | 0013| unencumbered balance remaining at the end of fiscal year 1999 | 0014| shall revert to the severance tax bonding fund. If the local | 0015| government division of the department of finance and | 0016| administration has not certified the need for the issuance of | 0017| the bonds by the end of fiscal year 1998, the authorization | 0018| provided in this section shall be void. | 0019| Section 2. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  | 0022| | 0023| FORTY-SECOND LEGISLATURE | 0024| SECOND SESSION, 1996 | 0025| | 0001| | 0002| JANUARY 23, 1996 | 0003| | 0004| Mr. President: | 0005| | 0006| Your COMMITTEES' COMMITTEE, to whom has been referred | 0007| | 0008| SENATE BILL 135 | 0009| | 0010| has had it under consideration and finds same to be GERMANE, PURSUANT | 0011| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0012| COMMITTEE. | 0013| | 0014| Respectfully submitted, | 0015| | 0016| | 0017| | 0018| | 0019| __________________________________ | 0020| SENATOR MANNY M. ARAGON, Chairman | 0021| | 0022| | 0023| | 0024| Adopted_______________________ Not Adopted_______________________ | 0025| (Chief Clerk) (Chief Clerk) | 0001| | 0002| | 0003| Date ________________________ | 0004| | 0005| | 0006| | 0007| S0135CC1 |