0001| HOUSE BILL 612 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| BRETT D. JOHNSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS TO THE ROOSEVELT | 0013| COUNTY COURTHOUSE; MAKING AN APPROPRIATION; DECLARING AN | 0014| EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding five | 0021| hundred eighty thousand dollars ($580,000) when the local | 0022| government division of the department of finance and | 0023| administration certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the local government division for the | 0008| purpose of capital improvements at the Roosevelt county | 0009| courthouse, including new electrical and heating, ventilating | 0010| and air conditioning systems, located in Roosevelt county. Any | 0011| unexpended or unencumbered balance remaining at the end of | 0012| fiscal year 2000 shall revert to the severance tax bonding | 0013| fund. If the local government division has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1999, the authorization provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |