0001|                           SENATE BILL 1107
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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|                             PETE CAMPOS
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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 CAPITAL IMPROVEMENTS IN LINCOLN COUNTY;
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0013|     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.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding one million one hundred
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0021|     thousand dollars ($1,100,000) when the local government
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0022|     division of the department of finance and administration
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary
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0005|     to comply with the Internal Revenue Code of 1986, as amended. 
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0006|     The proceeds from the sale of the bonds are appropriated to the
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0007|     local government division in the following amounts for the
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0008|     following purposes:
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0009|                    (1)  one hundred thousand dollars ($100,000)
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0010|     for construction of bleachers and restrooms at the Glencoe
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0011|     rural events center in Lincoln county; and
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0012|                    (2)  one million dollars ($1,000,000) for
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0013|     continuing Camp Sierra Blanca as a youth boot camp.
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0014|               B.  If the local government division has not
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0015|     certified the need for the issuance of the bonds by the end of
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0016|     fiscal year 1999, the authorization provided in this section
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0017|     shall be void.  Any unexpended or unencumbered balance
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0018|     remaining from the proceeds of severance tax bonds issued
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0019|     pursuant to Subsection A of this section at the end of fiscal
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0020|     year 2000 shall revert to the severance tax bonding fund. 
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0021|          Section 2.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.
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0023|                              
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