0001| | 0002| HOUSE BILL 478 | 0003| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND | 0004| SESSION, 1996 | 0005| INTRODUCED BY | 0006| ROBERTO "BOBBY" J. GONZALES | 0007| | 0008| | 0009| | 0010| | 0011| | 0012| AN ACT | 0013| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0014| SEVERANCE TAX BONDS FOR ACQUISITION OF SHERIFF'S VEHICLES IN | 0015| TAOS COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding one hundred fifty | 0021| thousand dollars ($150,000) 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 the | 0001| 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 for the purpose of purchasing vehicles for the | 0009| sheriff's department in Taos county. Any unexpended or | 0010| unencumbered balance remaining at the end of fiscal year 1999 | 0011| shall revert to the severance tax bonding fund. If the local | 0012| government division of the department of finance and | 0013| administration has not certified the need for the issuance of | 0014| the bonds by the end of fiscal year 1998, the authorization | 0015| provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  | 0019| |