0001| SENATE BILL 1051 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| STUART INGLE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR ROOSEVELT COUNTY CAPITAL OUTLAY | 0013| PROJECTS; 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--PURPOSES FOR WHICH | 0017| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax | 0020| Bonding Act in an amount not exceeding three hundred eighty | 0021| thousand dollars ($380,000) when the local government division | 0022| of the department of finance and administration certifies the | 0023| need for the issuance of the bonds. The state board of finance | 0024| shall schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by | 0001| the board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| local government division of the department of finance and | 0008| administration in the following amounts for the following | 0009| purposes: | 0010| (1) two hundred eighty thousand dollars | 0011| ($280,000) to design, construct, furnish and equip a | 0012| multipurpose facility at the Roosevelt county fairgrounds in | 0013| Roosevelt county; | 0014| (2) fifty thousand dollars ($50,000) to | 0015| design, construct and equip curb and gutter projects in the | 0016| city of Portales in Roosevelt county; and | 0017| (3) fifty thousand dollars ($50,000) to | 0018| design, construct and equip landscaping and sprinkler system | 0019| improvements for La Casa de Nueva Salud in Roosevelt county. | 0020| B. If the local government division of the | 0021| department of finance and administration has not certified the | 0022| need for the issuance of the bonds by the end of fiscal year | 0023| 1999, the authorization provided in this section shall be void. | 0024| Any unexpended or unencumbered balance remaining from the | 0025| proceeds of severance tax bonds issued pursuant to Subsection A | 0001| of this section at the end of fiscal year 2000 shall revert to | 0002| the severance tax bonding fund. | 0003| Section 2. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately. | 0005|  |