0001| SENATE BILL 635 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BILLY J. MCKIBBEN | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT A FIRE STATION | 0014| AND PURCHASE AN AMBULANCE FOR THE TOWN OF TEXICO IN CURRY | 0015| COUNTY; MAKING AN 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.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding one hundred five thousand dollars | 0022| ($105,000) when the local government division of the department | 0023| of finance and administration certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by the | 0002| board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| local government division of the department of finance and | 0009| administration for distribution in the following manner: | 0010| (1) fifty thousand dollars ($50,000) to plan, | 0011| design and construct a fire substation in the south area of | 0012| Texico located in Curry county; and | 0013| (2) fifty-five thousand dollars ($55,000) to | 0014| purchase and equip an ambulance for the town of Texico, located | 0015| in Curry county. | 0016| B. Any unexpended or unencumbered balance remaining | 0017| at the end of fiscal year 1999 shall revert to the severance tax | 0018| bonding fund. If the local government division of the | 0019| department of finance and administration has not certified the | 0020| need for the issuance of the bonds by the end of fiscal year | 0021| 1998, the authorization provided in this section shall be void. | 0022| Section 2. EMERGENCY.--It is necessary for the public | 0023| peace, health and safety that this act take effect immediately. | 0024|  | 0025| | 0001| FORTY-SECOND LEGISLATURE | 0002| SECOND SESSION, 1996 | 0003| | 0004| | 0005| JANUARY 31, 1996 | 0006| | 0007| Mr. President: | 0008| | 0009| Your COMMITTEES' COMMITTEE, to whom has been referred | 0010| | 0011| SENATE BILL 635 | 0012| | 0013| has had it under consideration and finds same to be GERMANE, PURSUANT | 0014| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0015| COMMITTEE. | 0016| | 0017| Respectfully submitted, | 0018| | 0019| | 0020| | 0021| | 0022| __________________________________ | 0023| SENATOR MANNY M. ARAGON, Chairman | 0024| | 0025| | 0001| | 0002| Adopted_______________________ Not Adopted_______________________ | 0003| (Chief Clerk) (Chief Clerk) | 0004| | 0005| | 0006| Date ________________________ | 0007| | 0008| | 0009| | 0010| S0635CC1 |