0001| HOUSE BILL 134 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| NICK L. SALAZAR | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN THE VILLAGE OF PECOS | 0014| LOCATED IN SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding two hundred fifty thousand | 0022| dollars ($250,000) when the local government division of the | 0023| department of finance and administration certifies the need for | 0024| the 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 the | 0002| 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 of the department of finance and | 0009| administration in the following amounts for the following | 0010| purposes: | 0011| (1) two hundred thousand dollars ($200,000) to | 0012| continue to design, construct and equip and provide a sewer | 0013| system for the Pecos valley medical center in the village of | 0014| Pecos located in San Miguel county; and | 0015| (2) fifty thousand dollars ($50,000) to | 0016| continue to design, construct and equip a garage and office | 0017| building for the Pecos valley medical center's ambulance service | 0018| in the village of Pecos located in San Miguel county. | 0019| B. If the local government division of the | 0020| department of finance and administration has not certified the | 0021| need for the issuance of the bonds by the end of fiscal year | 0022| 1998, the authorization provided in this section shall be void. | 0023| Any unexpended or unencumbered balance remaining from the | 0024| proceeds of severance tax bonds issued pursuant to Subsection A | 0025| of this section at the end of fiscal year 1999 shall revert to | 0001| the severance tax bonding fund. | 0002| Section 2. EMERGENCY.--It is necessary for the public | 0003| peace, health and safety that this act take effect immediately. | 0004|  |