0001|                            HOUSE BILL 241
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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|                             GARY K. KING
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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 FOR ACQUISITION OF ADDITIONAL WATER RIGHTS
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0013|     AND RENOVATION OF CITY BUILDINGS IN THE TOWN OF ESTANCIA IN
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0014|     TORRANCE COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--
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0020|               A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax
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0022|     Bonding Act in an amount not exceeding eight hundred thousand
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0023|     dollars ($800,000) when the local government division of the
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0024|     department of finance and administration certifies the need for
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0025|     the issuance of the bonds.  The state board of finance shall
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0001|     schedule the issuance and sale of the bonds in the most
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0002|     expeditious and economical manner possible upon a finding by
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0003|     the board that the project has been developed sufficiently to
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0004|     justify the issuance and that the project can proceed to
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0005|     contract within a reasonable time.  The state board of finance
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0006|     shall further take the appropriate steps necessary to comply
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0007|     with the Internal Revenue Code of 1986, as amended.  The
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0008|     proceeds from the sale of the bonds are appropriated to the
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0009|     local government division of the department of finance and
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0010|     administration in the following amounts for the following
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0011|     purposes:
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0012|                    (1)  five hundred thousand dollars ($500,000)
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0013|     to purchase an existing well, one hundred twenty acre feet of
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0014|     water rights and a water tank; and
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0015|                    (2)  three hundred thousand dollars ($300,000)
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0016|     to renovate existing or acquire new buildings for police, fire
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0017|     and municipal facilities.
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0018|               B.  If the local government division of the
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0019|     department of finance and administration has not certified the
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0020|     need for the issuance of the bonds by the end of fiscal year
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0021|     1999, the authorization provided in this section shall be void. 
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0022|     Any unexpended or unencumbered balance remaining from the
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0023|     proceeds of severance tax bonds issued pursuant to Subsection A
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0024|     of this section at the end of fiscal year 2000 shall revert to
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0025|     the severance tax bonding fund. 
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0001|          Section 2.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect immediately.
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0003|                            - 3 -
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