0001|                           SENATE BILL 347
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          JOHN ARTHUR SMITH
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR THE HIDALGO COUNTY MEDICAL COMPLEX;
    |
0013|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0017|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0018|     issue and sell severance tax bonds in compliance with the
    |
0019|     Severance Tax Bonding Act in an amount not exceeding seventy
    |
0020|     thousand dollars ($70,000) when the local government division
    |
0021|     of the department of finance and administration certifies the
    |
0022|     need for the issuance of the bonds.  The state board of finance
    |
0023|     shall schedule the issuance and sale of the bonds in the most
    |
0024|     expeditious and economical manner possible upon a finding by
    |
0025|     the board that the project has been developed sufficiently to
    |
0001|     justify the issuance and that the project can proceed to
    |
0002|     contract within a reasonable time.  The state board of finance
    |
0003|     shall further take the appropriate steps necessary to comply
    |
0004|     with the Internal Revenue Code of 1986, as amended.  The
    |
0005|     proceeds from the sale of the bonds are appropriated to the
    |
0006|     local government division for the purpose of reconstructing the
    |
0007|     roof and purchasing and installing a new boiler for the Hidalgo
    |
0008|     county medical complex located in Hidalgo county.  Any
    |
0009|     unexpended or unencumbered balance remaining at the end of
    |
0010|     fiscal year 2000 shall revert to the severance tax bonding
    |
0011|     fund.  If the local government division has not certified the
    |
0012|     need for the issuance of the bonds by the end of fiscal year
    |
0013|     1999, the 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|                                  
    |