0001|                        SENATE BILL 200
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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|                        VIRGIL O. RHODES
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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 CAPITAL PROJECTS IN THE CITY OF RIO
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0014|     RANCHO LOCATED IN SANDOVAL COUNTY; MAKING APPROPRIATIONS;
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0015|     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--AUTHORIZATIONS--
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0019|     APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not to exceed the total of the amounts
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0023|     authorized for purposes specified in Sections 2 and 3 of this
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0024|     act.  The state board of finance shall schedule the issuance and
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0025|     sale of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  Proceeds from the sale of the bonds are appropriated
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0007|     for the purposes specified in Sections 2 and 3 of this act.
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0008|            B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     section of this act.
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0013|            C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1998, the authorization provided in this act shall be void.
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0016|            D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019|     this act at the end of fiscal year 1999 shall revert to the
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0020|     severance tax bonding fund.
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0021|       Section 2.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0022|     ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section
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0023|     1 of this act, upon certification by the local government
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0024|     division of the department of finance and administration that
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0025|     the need exists for the issuance of the bonds, the following
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0001|     amounts are appropriated to the local government division of the
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0002|     department of finance and administration for the following
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0003|     purposes:
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0004|            A.  fifty thousand dollars ($50,000) to purchase
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0005|     library books and materials for the Esther Bone memorial library
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0006|     in the city of Rio Rancho located in Sandoval county; and 
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0007|            B.  eight hundred seventy thousand dollars ($870,000)
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0008|     to construct a youth sports complex and athletic fields in the
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0009|     city of Rio Rancho located in Sandoval county.
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0010|       Section 3.  SEVERANCE TAX BONDS--STATE AGENCY ON AGING--PURPOSE.--Pursuant to the provisions of Section 1 of this act,
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0011|     upon certification by the state agency on aging that the need
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0012|     exists for the issuance of the bonds, twenty-five thousand
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0013|     dollars ($25,000) is appropriated to the state agency on aging
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0014|     for the purpose of studying whether to expand the existing
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0015|     senior center or build a new senior citizen center in the city
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0016|     of Rio Rancho located in Sandoval county. 
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0017|       Section 4.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                                      
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0020|   
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0021|                    FORTY-SECOND LEGISLATURE
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0022|                      SECOND SESSION, 1996
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0023|   
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0024|   
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0025|                                              JANUARY 24, 1996
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0001|   
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0002|   Mr. President:
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0003|   
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0004|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|   
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0006|                           SENATE BILL 200
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0007|   
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0008|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0009|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0010|   COMMITTEE.
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0011|   
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0012|                              Respectfully submitted,
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0013|   
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0014|   
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0015|   
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0016|   
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0017|                              __________________________________
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0018|                              SENATOR MANNY M. ARAGON, Chairman 
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0019|   
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0020|   
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0021|   
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0022|   Adopted_______________________ Not Adopted_______________________
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0023|             (Chief Clerk)                        (Chief Clerk)
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0024|   
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0025|   
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0001|                     Date ________________________
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0002|   
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0003|   
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0004|   
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0005|   S0200CC1
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