0001|                           SENATE BILL 174
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          MICHAEL S. SANCHEZ
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0005|     
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0006|                                   
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0007|     
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0008|     
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR PHASE TWO OF THE BOSQUE FARMS
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0013|     MULTIPURPOSE RECREATIONAL PROJECT; MAKING AN APPROPRIATION;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the

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0020|     Severance Tax Bonding Act in an amount not exceeding two
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0021|     hundred ten thousand dollars ($210,000) when the local
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0022|     government division of the department of finance and
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0023|     administration certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the local government division of the
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0008|     department of finance and administration for the purpose of
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0009|     beginning phase two of the Bosque Farms multipurpose
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0010|     recreational project, located in Valencia county, including
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0011|     constructing volleyball courts and restrooms, purchasing and
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0012|     installing playground equipment and planning, designing and
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0013|     completing landscaping.  The certification and issuance of
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0014|     bonds is contingent upon a match from the village of Bosque
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0015|     Farms for fifty-six thousand eight hundred dollars ($56,800). 
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0016|     Any unexpended or unencumbered balance remaining at the end of
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0017|     fiscal year 2000 shall revert to the severance tax bonding
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0018|     fund.  If the local government division of the department of
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0019|     finance and administration has not certified the need for the
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0020|     issuance of the bonds by the end of fiscal year 1999, the
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0021|     authorization provided in this section shall be void.
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0022|          Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                            - 2 -
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