0001|                            HOUSE BILL 763
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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|                            G. X. MCSHERRY
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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 TO PREPARE A LONG-RANGE MASTER PLAN AND TO
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0013|     REPAIR, RENOVATE AND IMPROVE THE SOUTHERN NEW MEXICO STATE FAIR
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0014|     FACILITIES 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 ninety-
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0022|     nine thousand dollars ($99,000) when the local government
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0023|     division of the department of finance and administration
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     local government division of the department of finance and
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0009|     administration for the purpose of conducting a comprehensive
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0010|     long-range master plan study of and repairing, renovating and
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0011|     improving the facilities of the southern New Mexico state fair
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0012|     located in Dona Ana county.  Any unexpended or unencumbered
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0013|     balance remaining at the end of fiscal year 2000 shall revert
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0014|     to the severance tax bonding fund.  If the local government
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0015|     division of the department of finance and administration has
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0016|     not certified the need for the issuance of the bonds by the end
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0017|     of fiscal year 1999, the authorization provided in this section
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0018|     shall be void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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