0001| HOUSE BILL 764 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| GARY K. KING | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE CORRECTIONS DEPARTMENT FOR THE | 0013| PURPOSE OF PLANNING, DESIGNING AND CONSTRUCTING A FIVE HUNDRED | 0014| BED CORRECTIONAL FACILITY THAT PROVIDES SUBSTANCE ABUSE | 0015| TREATMENT SERVICES TO CERTAIN INMATES; MAKING AN APPROPRIATION; | 0016| DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0020| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0021| issue and sell severance tax bonds in compliance with the | 0022| Severance Tax Bonding Act in an amount not exceeding forty | 0023| million dollars ($40,000,000) when the corrections department | 0024| certifies the need for the issuance of the bonds. The state | 0025| board of finance shall schedule the issuance and sale of the | 0001| bonds in the most expeditious and economical manner possible | 0002| upon a finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary | 0006| to comply with the Internal Revenue Code of 1986, as amended. | 0007| The proceeds from the sale of the bonds are appropriated to the | 0008| corrections department for the purpose of planning, designing | 0009| and constructing a five hundred bed correctional facility that | 0010| provides substance abuse treatment services to inmates | 0011| convicted for driving under the influence of intoxicating | 0012| liquor or drugs or any violation of the Controlled Substances | 0013| Act. Any unexpended or unencumbered balance remaining at the | 0014| end of fiscal year 2000 shall revert to the severance tax | 0015| bonding fund. If the corrections department has not certified | 0016| the need for the issuance of the bonds by the end of fiscal | 0017| year 1999, the authorization provided in this section shall be | 0018| void. | 0019| Section 2. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  |