0001| HOUSE BILL 524
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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| ROBERT S. LIGHT
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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 FOR PARKING LOT IMPROVEMENTS IN CARLSBAD IN
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0014| EDDY COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018| A. The state board of finance may issue and sell
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0019| severance tax bonds in compliance with the Severance Tax Bonding
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0020| Act in an amount not exceeding one hundred seventeen thousand
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0021| five hundred dollars ($117,500) when the local government
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0022| division of the department of finance and administration
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0023| certifies the need for the issuance of the bonds. The state
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0024| board of finance shall schedule the issuance and sale of the
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0025| bonds in the most expeditious and economical manner possible
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0001| upon a finding by the board that the project has been developed
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0002| sufficiently to justify the issuance and that the project can
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0003| proceed to contract within a reasonable time. The state board
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0004| of finance shall further take the appropriate steps necessary to
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0005| comply with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| local government division of the department of finance and
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0008| administration in the following amounts for the following
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0009| purposes:
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0010| (1) fifty thousand dollars ($50,000) for paving
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0011| and lighting improvements to the San Jose senior recreation
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0012| center in Carlsbad in Eddy county;
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0013| (2) thirty thousand dollars ($30,000) for
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0014| parking lot lighting for the convention center in Carlsbad in
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0015| Eddy county;
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0016| (3) twenty-five thousand dollars ($25,000) for
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0017| paving improvements to the Carlsbad radio control airport in
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0018| Carlsbad in Eddy county; and
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0019| (4) twelve thousand five hundred dollars
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0020| ($12,500) for paving and lighting improvements to the Carlsbad
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0021| literacy program parking lot in Carlsbad in Eddy county. B. If the local government division of the
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0022| department of finance and administration has not certified the
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0023| need for the issuance of the bonds by the end of fiscal year
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0024| 1998, the authorization provided in this section shall be void.
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0025| Any unexpended or unencumbered balance remaining from the
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0001| proceeds of severance tax bonds issued pursuant to Subsection A
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0002| of this section at the end of fiscal year 1999 shall revert to
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0003| the severance tax bonding fund.
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0004| Section 2. EMERGENCY.--It is necessary for the public
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0005| peace, health and safety that this act take effect immediately.
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