0001|                           SENATE BILL 248
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          CARROLL H. LEAVELL
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|                                   
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS TO LEA COUNTY
    |
0013|     INFRASTRUCTURE; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     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.--
    |
0019|               A.  The state board of finance may issue and sell
    |
0020|     severance tax bonds in compliance with the Severance Tax
    |
0021|     Bonding Act in an amount not exceeding one million eight
    |
0022|     hundred thousand dollars ($1,800,000) when the local government
    |
0023|     division of the department of finance and administration
    |
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|     local government division in the following amounts for the
    |
0009|     following purposes in Lea county:
    |
0010|                    (1)  for construction of a landfill,
    |
0011|     professional services and permitting of the site, four hundred
    |
0012|     thousand dollars ($400,000);
    |
0013|                    (2)  for construction of a magistrate building
    |
0014|     complex in Hobbs, five hundred fifty thousand dollars
    |
0015|     ($550,000);
    |
0016|                    (3)  for remodeling the Lea county office
    |
0017|     complex in Hobbs for the state police offices, one hundred
    |
0018|     thousand dollars ($100,000);
    |
0019|                    (4)  for renovation of the rooms of the
    |
0020|     district court in the Lea county courthouse, five hundred
    |
0021|     thousand dollars ($500,000); and
    |
0022|                    (5)  for increasing the security of the Lea
    |
0023|     county courthouse, two hundred fifty thousand dollars
    |
0024|     ($250,000).
    |
0025|               B.  If the local government division has not
    |
0001|     certified the need for the issuance of the bonds by the end of
    |
0002|     fiscal year 1999, the authorization provided in this section
    |
0003|     shall be void.  Any unexpended or unencumbered balance
    |
0004|     remaining from the proceeds of severance tax bonds issued
    |
0005|     pursuant to Subsection A of this section at the end of fiscal
    |
0006|     year 2000 shall revert to the severance tax bonding fund.
    |
0007|          Section 2.  EMERGENCY.-- It is necessary for the public
    |
0008|     peace, health and safety that this act take effect immediately.
    |
0009|                              
    |