0001|                           SENATE BILL 873
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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|                          NANCY E. RODRIGUEZ
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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 FOR DESIGNING OR CONSTRUCTING INDUSTRIAL
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0013|     PARK IMPROVEMENTS IN SANTA FE IN SANTA FE COUNTY; MAKING AN
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0014|     APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding two
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0021|     hundred fifty thousand dollars ($250,000) when the economic
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0022|     development department certifies the need for the issuance of
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0023|     the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0006|     of the bonds are appropriated to the economic development
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0007|     department for the purpose of designing or constructing
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0008|     improvements, including utility extensions and road
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0009|     improvements, up to the property line of the industrial park in
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0010|     Santa Fe located in Santa Fe county.  Any unexpended or
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0011|     unencumbered balance remaining at the end of fiscal year 2000
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0012|     shall revert to the severance tax bonding fund.  If the
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0013|     economic development department has not certified the need for
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0014|     the issuance of the bonds by the end of fiscal year 1999, the
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0015|     authorization provided in this section shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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