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|                              
    |