0001| SENATE BILL 593 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| EMILIO NARANJO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR COMPLETION OF CONSTRUCTION OF A | 0014| COMMUNITY MULTIPURPOSE CENTER IN MEDANALES IN RIO ARRIBA COUNTY; | 0015| 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 two hundred eighty | 0021| thousand dollars ($280,000) when the local government division | 0022| of the department of finance and administration certifies the | 0023| need for the issuance of the bonds. The state board of finance | 0024| shall schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by the | 0001| board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| local government division of the department of finance and | 0008| administration for the purpose of completing phase III | 0009| construction of a community multipurpose center in Medanales | 0010| located in Rio Arriba county. Any unexpended or unencumbered | 0011| balance remaining at the end of fiscal year 1999 shall revert to | 0012| the severance tax bonding fund. If the local government | 0013| division of the department of finance and administration has not | 0014| certified the need for the issuance of the bonds by the end of | 0015| fiscal year 1998, the authorization provided in this section | 0016| 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| FORTY-SECOND LEGISLATURE | 0022| SECOND SESSION, 1996 | 0023| | 0024| | 0025| JANUARY 31, 1996 | 0001| | 0002| Mr. President: | 0003| | 0004| Your COMMITTEES' COMMITTEE, to whom has been referred | 0005| | 0006| SENATE BILL 593 | 0007| | 0008| has had it under consideration and finds same to be GERMANE, PURSUANT | 0009| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0010| COMMITTEE. | 0011| | 0012| Respectfully submitted, | 0013| | 0014| | 0015| | 0016| | 0017| __________________________________ | 0018| SENATOR MANNY M. ARAGON, Chairman | 0019| | 0020| | 0021| | 0022| Adopted_______________________ Not Adopted_______________________ | 0023| (Chief Clerk) (Chief Clerk) | 0024| | 0025| | 0001| Date ________________________ | 0002| | 0003| | 0004| | 0005| S0593CC1 |