0001| HOUSE BILL 647
|
0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
|
0003| 1996
|
0004| INTRODUCED BY
|
0005| BEN LUJAN
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011| AN ACT
|
0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0013| SEVERANCE TAX BONDS TO COMPLETE THE NEW STATE LIBRARY, ARCHIVES
|
0014| AND RECORDS CENTER BUILDING IN SANTA FE COUNTY; MAKING AN
|
0015| APPROPRIATION; DECLARING AN EMERGENCY.
|
0016|
|
0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
|
0019| and sell severance tax bonds in compliance with the Severance
|
0020| Tax Bonding Act in an amount not exceeding three million eight
|
0021| hundred thousand dollars ($3,800,000) when the general services
|
0022| department certifies the need for the issuance of the bonds.
|
0023| The state board of finance shall schedule the issuance and sale
|
0024| of the bonds in the most expeditious and economical manner
|
0025| possible upon a finding by the board that the project has been
|
0001| developed sufficiently to justify the issuance and that the
|
0002| project can proceed to contract within a reasonable time. The
|
0003| state board of finance shall further take the appropriate steps
|
0004| necessary to comply with the Internal Revenue Code of 1986, as
|
0005| amended. The proceeds from the sale of the bonds are
|
0006| appropriated to the general services department for the purpose
|
0007| of completing construction of the new state library, archives
|
0008| and records center building in the city of Santa Fe located in
|
0009| Santa Fe county. Any unexpended or unencumbered balance
|
0010| remaining at the end of fiscal year 1999 shall revert to the
|
0011| severance tax bonding fund. If the general services department
|
0012| has not certified the need for the issuance of the bonds by the
|
0013| end of fiscal year 1998, the authorization provided in this
|
0014| section shall be void.
|
0015| Section 2. EMERGENCY.--It is necessary for the public
|
0016| peace, health and safety that this act take effect immediately.
|
0017|
|
0018|
|