0001| HOUSE BILL 186
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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| WILLIAM E. PORTER
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0006|
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0007|
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0008| FOR THE SCIENCE, TECHNOLOGY, ENERGY AND
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0009| DEFENSE CONVERSION COMMITTEE
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0010|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE
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0013| OF SEVERANCE TAX BONDS TO PLAN AND DESIGN A COMMERCIAL
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0014| SPACEPORT, EXPAND AND CONSTRUCT ROADS TO THE SPACEPORT AND
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0015| SURVEY AND COMPLETE THE APPRAISAL OF LAND ON WHICH THE
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0016| SPACEPORT WILL BE LOCATED; MAKING AN APPROPRIATION;
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0017| DECLARING AN EMERGENCY.
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0018|
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0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW
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0020| MEXICO:
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0021| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH
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0022| ISSUED--APPROPRIATION OF PROCEEDS.--The state board of
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0023| finance may issue and sell severance tax bonds in
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0024| compliance with the Severance Tax Bonding Act in an amount
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0025| not exceeding three million dollars ($3,000,000) when the
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0001| office of space division of the economic development
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0002| department certifies the need for the issuance of the
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0003| bonds. The state board of finance shall schedule the
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0004| issuance and sale of the bonds in the most expeditious and
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0005| economical manner possible upon a finding by the board
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0006| that the project has been developed sufficiently to
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0007| justify the issuance and that the project can proceed to
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0008| contract within a reasonable time. The state board of
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0009| finance shall further take the appropriate steps necessary
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0010| to comply with the Internal Revenue Code of 1986, as
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0011| amended. The proceeds from the sale of the bonds are
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0012| appropriated to the office of space division of the
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0013| economic development department for the purpose of
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0014| planning and designing a commercial spaceport, expanding
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0015| and constructing roads to the spaceport and surveying and
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0016| completing the appraisal of the land on which the
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0017| spaceport will be located. The certification and issuance
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0018| of bonds is contingent upon completion and acceptance of
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0019| an environmental impact study, the selection of a New
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0020| Mexico-based company by the national aeronautics and space
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0021| administration to build the spaceport, the use of White
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0022| Sands missile range and the southwest regional spaceport
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0023| during the years 1998 through 2000 and the licensure of
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0024| the spaceport by the United States department of
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0025| transportation. Any unexpended or unencumbered balance
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0001| remaining six months after completion of the project shall
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0002| revert to the severance tax bonding fund. If the office
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0003| of space division of the economic development department
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0004| has not certified the need for the issuance of the bonds
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0005| by the end of fiscal year 1999, the authorization provided
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0006| in this section shall be void.
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0007| Section 2. EMERGENCY.--It is necessary for the
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0008| public peace, health and safety that this act take effect
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0009| immediately.
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0010|
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