0001|                         HOUSE BILL 336
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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 FOR AN EMERGENCY DISPATCH AND HOLDING
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0014|     FACILITY AT CHAMA IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance

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0020|     Tax Bonding Act in an amount not exceeding one hundred twenty-two thousand eight hundred fifty dollars ($122,850) when the
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0021|     local government division of the department of finance and
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0022|     administration certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the local government division of the department
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0007|     of finance and administration for the purpose of planning,
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0008|     designing, constructing or equipping an emergency dispatch
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0009|     station, including a holding and equipment storage facility, at
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0010|     Chama located in Rio Arriba county.  Any unexpended or
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0011|     unencumbered balance remaining at the end of fiscal year 1999
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0012|     shall revert to the severance tax bonding fund.  If the local
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0013|     government division of the department of finance and
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0014|     administration has not certified the need for the issuance of
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0015|     the bonds by the end of fiscal year 1998, the authorization
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0016|     provided 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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