0001| HOUSE BILL 132 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BARBARA A. PEREA CASEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR MULTIPLE PROJECTS IN THE TOWN OF | 0014| HAGERMAN LOCATED IN CHAVES 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--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding two hundred sixty thousand | 0022| dollars ($260,000) when the local government division of the | 0023| department of finance and administration certifies the need for | 0024| the issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by the | 0002| 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 in the following amounts for the following | 0010| purposes: | 0011| (1) seventy-five thousand dollars ($75,000) for | 0012| the purpose of acquiring land for, constructing and equipping a | 0013| town park in the town of Hagerman located in Chaves county; | 0014| (2) one hundred thousand dollars ($100,000) for | 0015| the purpose of acquiring land for an industrial park in the town | 0016| of Hagerman located in Chaves county; and | 0017| (3) eighty-five thousand dollars ($85,000) for | 0018| the purpose of renovating and equipping a youth recreation | 0019| building in the town of Hagerman located in Chaves county. | 0020| B. If the local government division of the | 0021| department of finance and administration has not certified the | 0022| need for the issuance of the bonds by the end of fiscal year | 0023| 1998, the authorization provided in this section shall be void. | 0024| Any unexpended or unencumbered balance remaining from the | 0025| proceeds of severance tax bonds issued pursuant to Subsection A | 0001| of this section at the end of fiscal year 1999 shall revert to | 0002| the severance tax bonding fund. | 0003| Section 2. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately. | 0005|  |