0001|                            HOUSE BILL 248
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          DELORES C. WRIGHT
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR A RECREATIONAL PARK AND EDUCATIONAL
    |
0013|     CAMP IN DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     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 local government
    |
0022|     division of the department of finance and administration
    |
0023|     certifies the need for the issuance of the bonds.  The state
    |
0024|     board of finance shall schedule the issuance and sale of the
    |
0025|     bonds in the most expeditious and economical manner possible
    |
0001|     upon a finding by the
    |
0002|     board that the project has been developed sufficiently to
    |
0003|     justify the issuance and that the project can proceed to
    |
0004|     contract within a reasonable time.  The state board of finance
    |
0005|     shall further take the appropriate steps necessary to comply
    |
0006|     with the Internal Revenue Code of 1986, as amended.  The
    |
0007|     proceeds from the sale of the bonds are appropriated to the
    |
0008|     local government division of the department of finance and
    |
0009|     administration for the purpose of continuing construction on a
    |
0010|     recreational park and educational camp located in Dona Ana
    |
0011|     county.  Any unexpended or unencumbered balance remaining at
    |
0012|     the end of fiscal year 2000 shall revert to the severance tax
    |
0013|     bonding fund.  If the local government division of the
    |
0014|     department of finance and administration has not certified the
    |
0015|     need for the issuance of the bonds by the end of fiscal year
    |
0016|     1999, the authorization provided in this section shall be void.
    |
0017|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0018|     peace, health and safety that this act take effect immediately.
    |
0019|                                 -  -
    |
0020|     
    |
0021|     
    |
0022|     
    |
0023|     
    |
0024|     
    |
0025|     
    |