0001|                         HOUSE BILL 170
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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|                        WALLACE CHARLEY
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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 PLAN, DESIGN OR CONSTRUCT RESTROOM
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0014|     FACILITIES, DRESSING ROOM FACILITIES AND OTHER NECESSARY
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0015|     RENOVATIONS AT THE INDIAN VILLAGE AND TO PLAN, DESIGN, EXPAND
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0016|     AND MAKE OTHER RENOVATIONS TO COMPLY WITH THE FEDERAL AMERICANS
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0017|     WITH DISABILITIES ACT OF 1990 TO THE INDIAN BUILDING OF FINE
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0018|     ARTS AND OTHER EXHIBITION AND PERFORMANCE-RELATED FACILITIES AT
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0019|     THE NEW MEXICO STATE FAIR IN ALBUQUERQUE LOCATED IN BERNALILLO
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0020|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0021|     
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0022|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0023|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0024|     and sell severance tax bonds in compliance with the Severance
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0025|     Tax Bonding Act in an amount not exceeding eight hundred
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0001|     thousand dollars ($800,000) when the state fair commission
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0002|     certifies the need for the issuance of the bonds.  The state
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0003|     board of finance shall schedule the issuance and sale of the
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0004|     bonds in the most expeditious and economical manner possible
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0005|     upon a finding by the board that the project has been developed
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0006|     sufficiently to justify the issuance and that the project can
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0007|     proceed to contract within a reasonable time.  The state board
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0008|     of finance shall further take the appropriate steps necessary to
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0009|     comply with the Internal Revenue Code of 1986, as amended.  The
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0010|     proceeds from the sale of the bonds are appropriated to the
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0011|     state fair commission to plan, design or construct restroom
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0012|     facilities, dressing room facilities and other necessary
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0013|     renovations at the Indian village and to plan, design, expand
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0014|     and make other renovations to comply with the federal Americans
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0015|     with Disabilities Act of 1990 to the Indian building of fine
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0016|     arts and other exhibition and performance-related facilities at
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0017|     the New Mexico state fair in Albuquerque located in Bernalillo
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0018|     county.  Any unexpended or unencumbered balance remaining from
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0019|     the proceeds from the bonds at the end of fiscal year 1999 shall
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0020|     revert to the severance tax bonding fund.  If the state fair
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0021|     commission has not certified the need for the issuance of the
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0022|     bonds by the end of fiscal year 1998, the authorization provided
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0023|     in this section shall be void.
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0024|       Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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