0001| HOUSE BILL 697 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| TERRY T. MARQUARDT | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO INSTALL A HEATING AND VENTILATION AIR | 0013| CONDITIONING CONTROL SYSTEM IN THE INTERNATIONAL SPACE HALL OF | 0014| FAME AND CLYDE W. TOMBAUGH SPACE THEATER IN OTERO COUNTY; | 0015| MAKING AN 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.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding one | 0022| hundred twenty-five thousand dollars ($125,000) when the office | 0023| of cultural affairs certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the office of cultural affairs for | 0008| the purpose of installing a heating and ventilation air | 0009| conditioning control system in the international space hall of | 0010| fame and Clyde W. Tombaugh space theater located in Otero | 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 office of cultural affairs has not | 0014| certified the need for the issuance of the bonds by the end of | 0015| fiscal year 1999, the authorization provided in this section | 0016| 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|  |