0001|                         HOUSE BILL 642
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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 FOR CERTAIN CAPITAL PROJECTS IN LUNA COUNTY;
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0014|     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 eight hundred thirty thousand
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0021|     dollars ($830,000) when the local government division of the
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0022|     department of finance and administration certifies the need for
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0023|     the issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     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)  six hundred fifty thousand dollars
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0011|     ($650,000) to plan, design, construct and equip a multipurpose
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0012|     juvenile facility in Luna county; and
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0013|                 (2)  one hundred eighty thousand dollars
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0014|     ($180,000) to purchase firefighting equipment for the Luna
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0015|     county volunteer fire department.
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0016|            B.  If the local government division of the
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0017|     department of finance and administration has not certified the
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0018|     need for the issuance of the bonds by the end of fiscal year
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0019|     1998, the authorization provided in this section shall be void. 
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0020|     Any unexpended or unencumbered balance remaining from the
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0021|     proceeds of severance tax bonds issued pursuant to Subsection A
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0022|     of this section at the end of fiscal year 1999 shall revert to
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0023|     the severance tax bonding fund. 
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0024|       Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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