0001|                         HOUSE BILL 50
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                           RON GENTRY
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO EVALUATE, INSPECT AND DEVELOP A MASTER
    |
0014|     PLAN TO ESTABLISH A NEW MEXICO RAILROAD MUSEUM AT THE HISTORIC
    |
0015|     HARVEY HOUSE IN THE CITY OF BELEN LOCATED IN VALENCIA COUNTY;
    |
0016|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0017|     
    |
0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0020|     and sell severance tax bonds in compliance with the Severance
    |
0021|     Tax Bonding Act in an amount not exceeding one hundred fifty
    |
0022|     thousand dollars ($150,000) when the office of cultural affairs
    |
0023|     certifies the need for the issuance of the bonds.  The state
    |
0024|     board of finance shall schedule the issuance and sale of the
    |
0025|     bonds in the most expeditious and economical manner possible
    |
0001|     upon a finding by the board that the project has been developed
    |
0002|     sufficiently to justify the issuance and that the project can
    |
0003|     proceed to contract within a reasonable time.  The state board
    |
0004|     of finance shall further take the appropriate steps necessary to
    |
0005|     comply with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     office of cultural affairs for the purpose of evaluating,
    |
0008|     inspecting and developing a master plan to establish a New
    |
0009|     Mexico railroad museum at the historic Harvey house in the city
    |
0010|     of Belen located in Valencia county.  Any unexpended or
    |
0011|     unencumbered balance remaining at the end of fiscal year 1999
    |
0012|     shall revert to the severance tax bonding fund.  If the office
    |
0013|     of cultural affairs has not certified the need for the issuance
    |
0014|     of the bonds by the end of fiscal year 1998, the authorization
    |
0015|     provided in this section shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |
0019|     
    |