0001| HOUSE BILL 265 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JOSE R. ABEYTA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE ARMEX PLAZA IN RATON IN COLFAX | 0014| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0018| and sell severance tax bonds in compliance with the Severance | 0019| Tax Bonding Act in an amount not exceeding one hundred fifty | 0020| thousand dollars ($150,000) when the local government division | 0021| of the department of finance and administration certifies the | 0022| need for the issuance of the bonds. The state board of finance | 0023| shall schedule the issuance and sale of the bonds in the most | 0024| expeditious and economical manner possible upon a finding by the | 0025| board that the project has been developed sufficiently to | 0001| justify the issuance and that the project can proceed to | 0002| contract within a reasonable time. The state board of finance | 0003| shall further take the appropriate steps necessary to comply | 0004| with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the | 0006| local government division of the department of finance and | 0007| administration for the purpose of making improvements to the | 0008| Armex plaza in Raton located in Colfax county. Any unexpended | 0009| or unencumbered balance remaining at the end of fiscal year 1999 | 0010| shall revert to the severance tax bonding fund. If the local | 0011| government division of the department of finance and | 0012| administration has not certified the need for the issuance of | 0013| the bonds by the end of fiscal year 1998, the authorization | 0014| provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |