0001| SENATE BILL 566 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ROMAN M. MAES | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO DESIGN AND CONSTRUCT IMPROVEMENTS TO | 0014| SALVADOR PEREZ POOL AND PARK IN SANTA FE LOCATED IN SANTA FE | 0015| COUNTY; MAKING AN 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 million one | 0021| hundred fifty thousand dollars ($3,150,000) 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 designing and | 0009| constructing improvements to Salvador Perez pool and park in | 0010| Santa Fe located in Santa Fe county. Any unexpended or | 0011| unencumbered balance remaining at the end of fiscal year 1999 | 0012| shall revert to the severance tax bonding fund. If the local | 0013| government division of the department of finance and | 0014| administration has not certified the need for the issuance of | 0015| the bonds by the end of fiscal year 1998, the authorization | 0016| provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  | 0020|  | 0021| | 0022| FORTY-SECOND LEGISLATURE | 0023| SECOND SESSION, 1996 | 0024| | 0025| | 0001| JANUARY 30, 1996 | 0002| | 0003| Mr. President: | 0004| | 0005| Your COMMITTEES' COMMITTEE, to whom has been referred | 0006| | 0007| SENATE BILL 566 | 0008| | 0009| has had it under consideration and finds same to be GERMANE, PURSUANT | 0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0011| COMMITTEE. | 0012| | 0013| Respectfully submitted, | 0014| | 0015| | 0016| | 0017| | 0018| __________________________________ | 0019| SENATOR MANNY M. ARAGON, Chairman | 0020| | 0021| | 0022| | 0023| Adopted_______________________ Not Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| Date ________________________ | 0003| | 0004| | 0005| | 0006| S0566CC1 |