0001| HOUSE BILL 878 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MIGUEL P. GARCIA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE ACQUISITION AND INSTALLATION OF | 0013| COMPUTER HARDWARE FOR THE DENNIS CHAVEZ COMMUNITY CENTER | 0014| LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0015| 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- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding sixty-five | 0022| thousand dollars ($65,000) when the local government division | 0023| of the department of finance and administration certifies the | 0024| need for the issuance of the bonds. The state board of finance | 0025| shall schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| local government division of the department of finance and | 0009| administration for the purpose of acquiring and installing | 0010| computer hardware in the Dennis Chavez community center located | 0011| in Bernalillo county. Any unexpended or unencumbered balance | 0012| remaining at the end of fiscal year 2000 shall revert to the | 0013| severance tax bonding fund. If the local government division | 0014| of the department of finance and administration has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1999, the authorization provided in this section | 0017| shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  |