0001|                            HOUSE BILL 178
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              RON GENTRY
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO PURCHASE BUILDINGS AND PROPERTY FOR A
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0013|     CITY AND POLICE ADMINISTRATION COMPLEX IN BELEN IN VALENCIA
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0014|     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-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding one
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0021|     million one hundred thousand dollars ($1,100,000) when the
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0022|     local government division of the department of finance and
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0023|     administration certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the local government division of the
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0008|     department of finance and administration for the purpose of
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0009|     purchasing buildings and property for a city and police
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0010|     administration complex in Belen located in Valencia county. 
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0011|     The certification and issuance of bonds is contingent upon a
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0012|     match of two hundred seventy-five thousand dollars ($275,000)
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0013|     provided by the city of Belen.  Any unexpended or unencumbered
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0014|     balance remaining at the end of fiscal year 2000 shall revert
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0015|     to the severance tax bonding fund.  If the local government
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0016|     division of the department of finance and administration has
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0017|     not certified the need for the issuance of the bonds by the end
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0018|     of fiscal year 1999, the authorization provided in this section
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0019|     shall be void.
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0020|          Section 2.  EMERGENCY.--It is necessary for the public
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0021|     peace, health and safety that this act take effect immediately.
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0022|                                  
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0023|     
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