0001|                           SENATE BILL 690
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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|                          LEONARD LEE RAWSON
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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 FOR IMPROVEMENTS TO THE OTERO COUNTY
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0013|     FAIRGROUNDS; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0018|     issue and sell severance tax bonds in compliance with the
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0019|     Severance Tax Bonding Act in an amount not exceeding one
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0020|     hundred fifty thousand dollars ($150,000) when the local
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0021|     government division of the department of finance and
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0022|     administration certifies the need for the issuance of the
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0023|     bonds.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the local government division for the
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0007|     purpose of making improvements to the Otero county fairgrounds,
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0008|     including reroofing and expansion of seating and canopy
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0009|     coverings, at the existing fairgrounds facility located in
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0010|     Otero county.  Any unexpended or unencumbered balance remaining
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0011|     at the end of fiscal year 2000 shall revert to the severance
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0012|     tax bonding fund.  If the local government division has not
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0013|     certified the need for the issuance of the bonds by the end of
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0014|     fiscal year 1999, the authorization provided in this section
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0015|     shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                              
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