0001| HOUSE BILL 665 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RICK MIERA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO CONSTRUCT, EQUIP AND FURNISH A WESTSIDE | 0013| DRUG DETOXIFICATION AND TREATMENT CENTER IN ALBUQUERQUE LOCATED | 0014| IN BERNALILLO COUNTY; 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- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding four | 0022| hundred fifty thousand dollars ($450,000) when the local | 0023| government division of the department of finance and | 0024| administration certifies the need for the issuance of the | 0025| bonds. The state board of finance shall schedule the issuance | 0001| and sale of the bonds in the most expeditious and economical | 0002| manner possible upon a finding by the board that the project | 0003| has been developed sufficiently to justify the issuance and | 0004| that the project can proceed to contract within a reasonable | 0005| time. The state board of finance shall further take the | 0006| appropriate steps necessary to comply with the Internal Revenue | 0007| Code of 1986, as amended. The proceeds from the sale of the | 0008| bonds are appropriated to the local government division for the | 0009| purpose of constructing, equipping and furnishing a westside | 0010| correctional facility for drug detoxification and treatment in | 0011| Albuquerque located in Bernalillo county. Any unexpended or | 0012| unencumbered balance remaining at the end of fiscal year 2000 | 0013| shall revert to the severance tax bonding fund. If the local | 0014| government division has not certified the need for the issuance | 0015| of the bonds by the end of fiscal year 1999, the authorization | 0016| provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |