0001| SENATE BILL 119 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| CARLOS R. CISNEROS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE CONSTRUCTION AND EQUIPPING OF A | 0013| NEIGHBORHOOD DISASTER RELIEF AND COMMUNITY CENTER FOR THE | 0014| NON-INCORPORATED VILLAGE OF LA LAMA IN TAOS COUNTY; MAKING AN | 0015| 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- | 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 two | 0022| hundred thousand dollars ($200,000) when the local government | 0023| division of the department of finance and administration | 0024| certifies the need for the issuance of the bonds. The state | 0025| board of finance shall schedule the issuance and sale of the | 0001| bonds in the most expeditious and economical manner possible | 0002| upon a finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary | 0006| to comply with the Internal Revenue Code of 1986, as amended. | 0007| The 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 designing and constructing a | 0010| combination disaster relief and community center, purchasing | 0011| soil conservation and construction equipment and purchasing | 0012| trees for the non-incorporated village of La Lama located in | 0013| Taos county. Any unexpended or unencumbered balance remaining | 0014| at the end of fiscal year 2000 shall revert to the severance | 0015| tax bonding fund. If the local government division of the | 0016| department of finance and administration has not certified the | 0017| need for the issuance of the bonds by the end of fiscal year | 0018| 1999, the authorization provided in this section shall be void. | 0019| Section 2. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  |