0001|                         HOUSE BILL 327
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                         G.X. MCSHERRY
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO REPAIR AND PERFORM MAJOR MAINTENANCE ON
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0014|     ARMORY BUILDINGS STATEWIDE; MAKING AN APPROPRIATION; DECLARING
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0015|     AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding six hundred ninety-three thousand dollars ($693,000) when the state armory board
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0021|     certifies the need for the issuance of the bonds.  The state
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0022|     board of finance shall schedule the issuance and sale of the
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0023|     bonds in the most expeditious and economical manner possible
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0024|     upon a finding by the board that the project has been developed
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0025|     sufficiently to justify the issuance and that the project can
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0001|     proceed to contract within a reasonable time.  The state board
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0002|     of finance shall further take the appropriate steps necessary to
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0003|     comply with the Internal Revenue Code of 1986, as amended.  The
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0004|     proceeds from the sale of the bonds are appropriated to the
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0005|     state armory board for the purpose of repairing and performing
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0006|     major maintenance projects on armory buildings throughout the
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0007|     state.  Any unexpended or unencumbered balance remaining at the
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0008|     end of fiscal year 1999 shall revert to the severance tax
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0009|     bonding fund.  If the state armory board has not certified the
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0010|     need for the issuance of the bonds by the end of fiscal year
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0011|     1998, the authorization provided in this section shall be void.
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0012|       Section 2.  EMERGENCY.--It is necessary for the public
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0013|     peace, health and safety that this act take effect immediately.
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0014|                             -  -
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