0001|                         HOUSE BILL 546
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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|                          JOE M. STELL
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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 A RECREATIONAL PROJECT IN THE CITY OF
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0014|     ARTESIA LOCATED IN EDDY 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 forty-two thousand
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0021|     one hundred fifty dollars ($42,150) when the local government
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0022|     division of the department of finance and administration
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply 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|     local government division of the department of finance and
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0008|     administration for the purpose of planning, designing,
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0009|     constructing or equipping two basketball courts, including
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0010|     lighting and benches, parking and paving and sidewalks and
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0011|     curbs, in the city of Artesia located in Eddy county.  Any
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0012|     unexpended or unencumbered balance remaining at the end of
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0013|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0014|     If the local government division of the department of finance
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0015|     and administration has not certified the need for the issuance
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0016|     of the bonds by the end of fiscal year 1998, the authorization
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0017|     provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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0021|     
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