0001|             SENATE CONSERVATION COMMITTEE SUBSTITUTE FOR
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0002|                           SENATE BILL 1286
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0003|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0004|     
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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|     
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0011|                                AN ACT
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0012|     RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0013|     AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS FOR REMODELING
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0014|     OF THE TORRANCE COUNTY COURTHOUSE; MAKING AN APPROPRIATION;
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0015|     DECLARING AN 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.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding two
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0022|     hundred seventy thousand dollars ($270,000) when the local
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0023|     government division of the department of finance and
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0024|     administration certifies the need for the issuance of the
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0025|     bonds.  The state board of finance shall schedule the issuance
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0001|     and sale of the bonds in the most expeditious and economical
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0002|     manner possible upon a finding by the board that the project
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0003|     has been developed sufficiently to justify the issuance and
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0004|     that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  The proceeds from the sale of the
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0008|     bonds are appropriated to the local government division for the
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0009|     purpose of planning, designing, remodeling and equipping the
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0010|     Torrance county courthouse located in Torrance county.  Any
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0011|     unexpended or unencumbered balance remaining at the end of
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0012|     fiscal year 2000 shall revert to the severance tax bonding
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0013|     fund.  If the local government division has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this section 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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