0001| HOUSE BILL 233 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| W. C. "DUB" WILLIAMS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR A SEWER LINE EXTENSION TO THE LAS LOMAS | 0013| SUBDIVISION AND THE RENOVATION OF THE ALL AMERICAN PARK IN THE | 0014| VILLAGE OF RUIDOSO DOWNS IN LINCOLN COUNTY; MAKING AN | 0015| APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax | 0022| Bonding Act in an amount not exceeding one hundred eighty-seven | 0023| thousand five hundred dollars ($187,500) when the local | 0024| government division of the department of finance and | 0025| administration certifies the need for the issuance of the | 0001| bonds. The state board of finance shall schedule the issuance | 0002| and sale of the bonds in the most expeditious and economical | 0003| manner possible upon a finding by the board that the project | 0004| has been developed sufficiently to justify the issuance and | 0005| that the project can proceed to contract within a reasonable | 0006| time. The state board of finance shall further take the | 0007| appropriate steps necessary to comply with the Internal Revenue | 0008| Code of 1986, as amended. The proceeds from the sale of the | 0009| bonds are appropriated to the local government division of the | 0010| department of finance and administration in the following | 0011| amounts for the following purposes: | 0012| (1) one hundred fifty thousand dollars | 0013| ($150,000) to install, improve and extend a sewer line to the | 0014| Las Lomas subdivision in the village of Ruidoso Downs in | 0015| Lincoln county; and | 0016| (2) thirty-seven thousand five hundred dollars | 0017| ($37,500) to renovate the All American park in the village of | 0018| Ruidoso Downs in Lincoln county. | 0019| B. If the local government division of the | 0020| department of finance and administration has not certified the | 0021| need for the issuance of the bonds by the end of fiscal year | 0022| 1999, the authorization provided in this section shall be void. | 0023| Any unexpended or unencumbered balance remaining from the | 0024| proceeds of severance tax bonds issued pursuant to Subsection A | 0025| of this section at the end of fiscal year 2000 shall revert to | 0001| the severance tax bonding fund. | 0002| Section 2. EMERGENCY.--It is necessary for the public | 0003| peace, health and safety that this act take effect immediately. | 0004| - 3 - |