0001|                         HOUSE BILL 161
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                       DEBBIE A. RODELLA
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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 CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO REPAIR AND MAKE IMPROVEMENTS TO THE
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0014|     OFFICE OF THE INCOME SUPPORT DIVISION OF THE HUMAN SERVICES
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0015|     DEPARTMENT IN ESPANOLA LOCATED IN RIO ARRIBA COUNTY; MAKING AN
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0016|     APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding five hundred forty-six thousand dollars ($546,000) when the property control
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0022|     division of the general services department certifies the need
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0023|     for the issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     property control division of the general services department for
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0008|     the purpose of remodeling, repairing and making improvements to
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0009|     the office of the income support division of the human services
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0010|     department in Espanola located in Rio Arriba county.  Any
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0011|     unexpended or unencumbered balance remaining at the end of
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0012|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0013|     If the property control division of the general services
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0014|     department has not certified the need for the issuance of the
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0015|     bonds by the end of fiscal year 1998, the authorization provided
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0016|     in this section shall be void.
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0017|       Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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0020|     
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