0001| 
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0002|                        SENATE BILL 671
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0003|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0004|     1996
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0005|                         INTRODUCED BY
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0006|                      TIMOTHY Z. JENNINGS
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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|     
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0012|                             AN ACT
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0013|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0014|     SEVERANCE TAX BONDS FOR A STATEWIDE NETWORK OF SOCCER COMPLEXES;
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0015|     MAKING AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding one million two hundred fifty
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0022|     thousand dollars ($1,250,000) when the property control division
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0023|     of the general services department certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by the
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0002|     board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     capital program fund to plan, design and construct soccer
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0009|     complexes in the following amounts in the following locations:
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0010|                 (1)  five hundred thousand dollars ($500,000) at
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0011|     Bernalillo in Sandoval county;
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0012|                 (2)  four hundred thousand dollars ($400,000) at
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0013|     Las Cruces in Dona Ana county; and
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0014|                 (3)  three hundred fifty thousand dollars
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0015|     ($350,000) at Roswell in Chaves county.
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0016|            B.  If the property control division of the general
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0017|     services department has not certified the need for the issuance
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0018|     of the bonds by the end of fiscal year 1998, the authorization
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0019|     provided in this section shall be void.  Any unexpended or
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0020|     unencumbered balance remaining from the proceeds of severance
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0021|     tax bonds issued pursuant to Subsection A of this section at the
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0022|     end of fiscal year 1999 shall revert to the severance tax
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0023|     bonding fund.
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0024|       Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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0001|                                    
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0002|   
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0003|                    FORTY-SECOND LEGISLATURE
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0004|                      SECOND SESSION, 1996
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0005|   
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0006|   
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0007|                                              JANUARY 31, 1996
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0008|   
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0009|   Mr. President:
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0010|   
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0011|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0012|   
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0013|                           SENATE BILL 671
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0014|   
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0015|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0016|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0017|   COMMITTEE.
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0018|   
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0019|                              Respectfully submitted,
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0020|   
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0021|   

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0022|   
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0023|   
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0024|                              __________________________________
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0025|                              SENATOR MANNY M. ARAGON, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________ Not Adopted_______________________
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0005|             (Chief Clerk)                        (Chief Clerk)
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0006|   
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0007|   
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0008|                     Date ________________________
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0009|   
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0010|   
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0011|   
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0012|     S0671CC1
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