0001| SENATE BILL 459 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO RENOVATE THE MUNICIPAL BUILDING IN | 0013| CARRIZOZO IN LINCOLN COUNTY; MAKING AN APPROPRIATION; DECLARING | 0014| AN 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 six | 0021| hundred twelve thousand nine hundred ninety-two dollars | 0022| ($612,992) when the local government division of the department | 0023| of finance and administration certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the 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 for the purpose of renovating the | 0009| municipal building in Carrizozo located in Lincoln county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 2000 shall revert to the severance tax bonding | 0012| fund. If the local government division has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1999, the authorization 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|  |