0001|                           HOUSE BILL 1011
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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|                              FRANK BIRD
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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 TO PLAN, DESIGN, CONSTRUCT, EQUIP OR
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0013|     RENOVATE CERTAIN JUVENILE FACILITIES LOCATED IN BERNALILLO AND
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0014|     COLFAX COUNTIES; 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 two million five hundred
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0023|     sixty-nine thousand six hundred thirty dollars
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0024|     ($2,569,630) when the property control division of the general
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0025|     services department certifies the need for the issuance of the
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0001|     bonds.  The state board of finance shall schedule the issuance
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0002|     and sale of the bonds in the most expeditious and economical
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0003|     manner possible upon a finding by the board that the project
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0004|     has been developed sufficiently to justify the issuance and
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0005|     that the project can proceed to contract within a reasonable
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0006|     time.  The state board of finance shall further take the
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0007|     appropriate steps necessary to comply with the Internal Revenue
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0008|     Code of 1986, as amended.  The proceeds from the sale of the
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0009|     bonds are appropriated to the property control division of the
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0010|     general services department in the following amounts for the
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0011|     following purposes:
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0012|                    (1)  five hundred forty thousand dollars
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0013|     ($540,000) to provide security enhancements at the youth
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0014|     diagnostic development center located in Bernalillo county;
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0015|                    (2)  one million seven hundred twenty-nine
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0016|     thousand six hundred thirty dollars ($1,729,630) to add a
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0017|     portable office building, make improvements and other
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0018|     miscellaneous repairs to the facilities at the youth diagnostic
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0019|     development center located in Bernalillo county; and
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0020|                    (3)  three hundred thousand dollars ($300,000)
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0021|     to renovate the reintegration centers in Albuquerque and Eagle
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0022|     Nest, located in Bernalillo and Colfax counties, respectively.
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0023|               B.  If the property control division of the general
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0024|     services department has not certified the need for the issuance
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0025|     of the bonds by the end of fiscal year 1999, the authorization
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0001|     provided in this section shall be void.  Any unexpended or
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0002|     unencumbered balance remaining from the proceeds of severance
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0003|     tax bonds issued pursuant to Subsection A of this section at
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0004|     the end of fiscal year 2000 shall revert to the severance tax
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0005|     bonding fund. 
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0006|          Section 2.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect immediately.
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0008|                                  
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