0001|                        SENATE BILL 397
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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|                        TOM R. BENAVIDES
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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 TO PLAN, DESIGN AND CONSTRUCT AN EXPANSION
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0014|     AND RENOVATION OF THE WESTSIDE COMMUNITY CENTER IN THE SOUTH
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0015|     VALLEY OF ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING AN
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0016|     APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding five hundred forty-five thousand dollars ($545,000) when the local government
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0022|     division of the department of finance and administration
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     local government division of the department of finance and
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0008|     administration for the purpose of planning, designing and
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0009|     constructing an expansion of the gymnasium and renovation of the
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0010|     offices, reception area restrooms, bleachers and stage area of
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0011|     the Westside community center in the south valley of Albuquerque
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0012|     located in Bernalillo county.  Any unexpended or unencumbered
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0013|     balance remaining at the end of fiscal year 1999 shall revert to
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0014|     the severance tax bonding fund.  If the local government
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0015|     division of the department of finance and administration has not
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0016|     certified the need for the issuance of the bonds by the end of
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0017|     fiscal year 1998, the authorization provided in this section
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0018|     shall be void.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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0022|           
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0023|   
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0024|                    FORTY-SECOND LEGISLATURE
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0025|                      SECOND SESSION, 1996
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0001|   
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0002|   
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0003|                                              JANUARY 29, 1996
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0004|   
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0005|   Mr. President:
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0006|   
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0007|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0008|   
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0009|                           SENATE BILL 397
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0010|   
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0011|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0012|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0013|   COMMITTEE.
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0014|   
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0015|                              Respectfully submitted,
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0016|   
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0017|   
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0018|   
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0019|   
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0020|                              __________________________________
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0021|                              SENATOR MANNY M. ARAGON, Chairman 
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0022|   
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0023|   
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0024|   
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0025|   Adopted_______________________ Not Adopted_______________________
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0001|             (Chief Clerk)                        (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   
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0008|   S0397CC1
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