0001|                            HOUSE BILL 194
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          PATSY G. TRUJILLO
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR PLANNING AND DESIGNING A MUSEO CULTURAL
    |
0013|     IN THE CITY OF SANTA FE IN SANTA FE COUNTY; MAKING AN
    |
0014|     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-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding five
    |
0021|     hundred thousand dollars ($500,000) when the office of cultural
    |
0022|     affairs certifies the need for the issuance of the bonds.  The
    |
0023|     state board of finance shall schedule the issuance and sale of
    |
0024|     the bonds in the most expeditious and economical manner
    |
0025|     possible upon a finding by the board that the project has been
    |
0001|     developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the office of cultural affairs for the purpose
    |
0007|     of planning, designing and preparing bids for a new museo
    |
0008|     cultural in the city of Santa Fe located in Santa Fe county. 
    |
0009|     Any unexpended or unencumbered balance remaining at the end of
    |
0010|     fiscal year 2000 shall revert to the severance tax bonding
    |
0011|     fund.  If the office of cultural affairs has not certified the
    |
0012|     need for the issuance of the bonds by the end of fiscal year
    |
0013|     1999, the authorization provided in this section shall be void.
    |
0014|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                              
    |