0001| HOUSE BILL 183
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| WILLIAM E. PORTER
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0005|
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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| AN ACT
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0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012| SEVERANCE TAX BONDS FOR THE REHABILITATION AND RENOVATION OF
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0013| THE YOUTH CENTER IN THE FORMER COURT JUNIOR HIGH SCHOOL IN LAS
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0014| CRUCES LOCATED IN DONA ANA 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-
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0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020| issue and sell severance tax bonds in compliance with the
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0021| Severance Tax Bonding Act in an amount not exceeding seven
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0022| hundred twenty- five thousand dollars ($725,000) when the local
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0023| government division of the department of finance and
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0024| administration certifies the need for the issuance of the
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0025| bonds. The state board of finance shall schedule the issuance
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0001| and sale of the bonds in the most expeditious and economical
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0002| manner possible upon a finding by the board that the project
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0003| has been developed sufficiently to justify the issuance and
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0004| that the project can proceed to contract within a reasonable
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0005| time. The state board of finance shall further take the
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0006| appropriate steps necessary to comply with the Internal Revenue
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0007| Code of 1986, as amended. The proceeds from the sale of the
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0008| bonds are appropriated to the local government division of the
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0009| department of finance and administration for the purpose of
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0010| renovating and rehabilitating the youth center in the former
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0011| Court junior high school located in Dona Ana county. Any
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0012| unexpended or unencumbered balance remaining at the end of
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0013| fiscal year 2000 shall revert to the severance tax bonding
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0014| fund. If the local government division of the department of
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0015| finance and administration has not certified the need for the
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0016| issuance of the bonds by the end of fiscal year 1999, the
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0017| authorization 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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