0001| HOUSE BILL 835 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| LYNDA M. LOVEJOY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR A MULTIPURPOSE FACILITY IN BLUEWATER IN | 0013| CIBOLA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0018| issue and sell severance tax bonds in compliance with the | 0019| Severance Tax Bonding Act in an amount not exceeding one | 0020| hundred fifty thousand dollars ($150,000) when the local | 0021| government division of the department of finance and | 0022| administration certifies the need for the issuance of the | 0023| bonds. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the local government division for the | 0007| purpose of acquiring land and designing, constructing, | 0008| equipping and furnishing a multipurpose facility in Bluewater | 0009| located in Cibola county. Any unexpended or unencumbered | 0010| balance remaining at the end of fiscal year 2000 shall revert | 0011| to the severance tax bonding fund. If the local government | 0012| division has not certified the need for the issuance of the | 0013| bonds by the end of fiscal year 1999, the authorization | 0014| provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |