0001|                            HOUSE BILL 755
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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|                            DANICE PICRAUX
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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 A NEW PAVILION, GREENHOUSE AND SCIENCE
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0013|     THEATER AT THE NEW MEXICO MUSEUM OF NATURAL HISTORY AND SCIENCE
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0014|     IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     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 five
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0022|     hundred thousand dollars ($500,000) when the office of cultural
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0023|     affairs certifies the need for the issuance of the bonds.  The
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0024|     state board of finance shall schedule the issuance and sale of
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0025|     the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the office of cultural affairs for the purpose
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0008|     of designing, constructing, furnishing and equipping a new
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0009|     pavilion, greenhouse and science theater at the New Mexico
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0010|     museum of natural history and science in Albuquerque located in
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0011|     Bernalillo county.  Any unexpended or unencumbered balance
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0012|     remaining at the end of fiscal year 2000 shall revert to the
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0013|     severance tax bonding fund.  If the office of cultural affairs
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0014|     has not certified the need for the issuance of the bonds by the
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0015|     end of fiscal year 1999, the authorization provided in this
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0016|     section shall be void.
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                                  
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