0001|                         HOUSE BILL 700
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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|                        EARLENE ROBERTS
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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 RENOVATION OF THE LEA COUNTY COURTHOUSE;
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0014|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018|     and sell severance tax bonds in compliance with the Severance
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0019|     Tax Bonding Act in an amount not exceeding three hundred fifty
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0020|     thousand dollars ($350,000) when the local government division
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0021|     of the department of finance and administration certifies the
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0022|     need for the issuance of the bonds.  The state board of finance
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0023|     shall schedule the issuance and sale of the bonds in the most
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0024|     expeditious and economical manner possible upon a finding by the
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0025|     board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     local government division of the department of finance and
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0007|     administration for the purpose of renovating and making
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0008|     necessary improvements to the Lea county courthouse.  Any
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0009|     unexpended or unencumbered balance remaining at the end of
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0010|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0011|     If the local government division of the department of finance
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0012|     and administration has not certified the need for the issuance
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0013|     of the bonds by the end of fiscal year 1998, the authorization
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0014|     provided in this section shall be void.
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0015|       Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                              
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