0001| HOUSE BILL 959 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| G. X. MCSHERRY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO BUILD PERMANENT EXHIBITIONS AT THE FARM | 0013| AND RANCH HERITAGE MUSEUM LOCATED IN DONA ANA COUNTY; MAKING AN | 0014| APPROPRIATION; DECLARING AN 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 eight | 0021| hundred thousand dollars ($800,000) when the office of cultural | 0022| affairs certifies the need for the issuance of the bonds. The | 0023| state board of finance shall schedule the issuance and sale of | 0024| the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the office of cultural affairs for the purpose | 0007| of building permanent exhibitions at the farm and ranch | 0008| heritage museum located in Dona Ana county. Any unexpended or | 0009| unencumbered balance remaining at the end of fiscal year 2000 | 0010| shall revert to the severance tax bonding fund. If the office | 0011| of cultural affairs has not certified the need for the | 0012| issuance of the bonds by the end of fiscal year 1999, the | 0013| authorization provided in this section shall be void. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  |