0001| HOUSE BILL 260 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MICHAEL OLGUIN | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO MAKE IMPROVEMENTS TO AND RENOVATE THE | 0014| MUNICIPAL-JUDICIAL COMPLEX AND PARKING FACILITY IN THE CITY OF | 0015| SOCORRO LOCATED IN SOCORRO COUNTY; MAKING AN APPROPRIATION; | 0016| DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding three hundred | 0022| thousand dollars ($300,000) when the local government division | 0023| of the department of finance and administration certifies the | 0024| need for the issuance of the bonds. The state board of finance | 0025| shall 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 for the purpose of making improvements to and | 0010| renovating the municipal-judicial complex and parking facility | 0011| in the city of Socorro located in Socorro county. Any | 0012| unexpended or unencumbered balance remaining at the end of | 0013| fiscal year 1999 shall revert to the severance tax bonding fund. | 0014| If the local government division of the department of finance | 0015| and administration has not certified the need for the issuance | 0016| of the bonds by the end of fiscal year 1998, the authorization | 0017| provided in this section shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| |