0001| HOUSE BILL 444
|
0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
|
0003| 1996
|
0004| INTRODUCED BY
|
0005| ROBERT A. PERLS
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011| AN ACT
|
0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0013| SEVERANCE TAX BONDS FOR THE RENOVATION OF A MUNICIPAL BUILDING
|
0014| TO PROVIDE FOR EMERGENCY SERVICES IN THE TOWN OF BERNALILLO IN
|
0015| SANDOVAL COUNTY; MAKING AN APPROPRIATION; DECLARING AN
|
0016| EMERGENCY.
|
0017|
|
0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
|
0020| and sell severance tax bonds in compliance with the Severance
|
0021| Tax Bonding Act in an amount not exceeding two hundred fifty
|
0022| thousand dollars ($250,000) when the local government division
|
0023| of the department of finance and administration certifies the
|
0024| need for the issuance of the bonds. The state board of finance
|
0025| shall schedule the issuance and sale of the bonds in the most
|
0001| expeditious and economical manner possible upon a finding by the
|
0002| board that the project has been developed sufficiently to
|
0003| justify the issuance and that the project can proceed to
|
0004| contract within a reasonable time. The state board of finance
|
0005| shall further take the appropriate steps necessary to comply
|
0006| with the Internal Revenue Code of 1986, as amended. The
|
0007| proceeds from the sale of the bonds are appropriated to the
|
0008| local government division of the department of finance and
|
0009| administration for the purpose of renovating and making
|
0010| necessary improvements to a municipal building in the town of
|
0011| Bernalillo to house ambulance and fire emergency services
|
0012| located in Sandoval county. Any unexpended or unencumbered
|
0013| balance remaining at the end of fiscal year 1999 shall revert to
|
0014| the severance tax bonding fund. If the local government
|
0015| division of the department of finance and administration has not
|
0016| certified the need for the issuance of the bonds by the end of
|
0017| fiscal year 1998, the authorization provided in this section
|
0018| shall be void.
|
0019| Section 2. EMERGENCY.--It is necessary for the public
|
0020| peace, health and safety that this act take effect immediately.
|
0021|
|