0001| HOUSE BILL 699 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| EARLENE ROBERTS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO INSTALL SECURITY DEVICES IN THE LEA | 0014| COUNTY COURTHOUSE; MAKING AN APPROPRIATION; DECLARING AN | 0015| 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 one hundred seventy-five thousand dollars ($175,000) when the administrative office | 0021| of the courts certifies the need for the issuance of the bonds. | 0022| The state board of finance shall schedule the issuance and sale | 0023| of the bonds in the most expeditious and economical manner | 0024| possible upon a finding by the board that the project has been | 0025| developed sufficiently to justify the issuance and that the | 0001| project can proceed to contract within a reasonable time. The | 0002| state board of finance shall further take the appropriate steps | 0003| necessary to comply with the Internal Revenue Code of 1986, as | 0004| amended. The proceeds from the sale of the bonds are | 0005| appropriated to the administrative office of the courts for the | 0006| purpose of acquiring and installing security equipment in the | 0007| Lea county courthouse. Any unexpended or unencumbered balance | 0008| remaining at the end of fiscal year 1999 shall revert to the | 0009| severance tax bonding fund. If the administrative office of the | 0010| courts has not certified the need for the issuance of the bonds | 0011| by the end of fiscal year 1998, the authorization provided in | 0012| this section shall be void. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015|  |