0001| HOUSE BILL 521
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| ROBERT S. LIGHT
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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|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS FOR LIGHTING IMPROVEMENTS TO LITTLE LEAGUE
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0014| FIELDS IN CARLSBAD IN EDDY COUNTY; MAKING AN APPROPRIATION;
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0015| DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding eighty thousand
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0021| dollars ($80,000) when the local government division of the
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0022| department of finance and administration certifies the need for
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0023| the issuance of the bonds. The state board of finance shall
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0024| schedule the issuance and sale of the bonds in the most
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0025| expeditious and economical manner possible upon a finding by the
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0001| board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| local government division of the department of finance and
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0008| administration for the purpose of purchasing and installing
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0009| lighting improvements at little league baseball fields in
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0010| Carlsbad located in Eddy county. Any unexpended or unencumbered
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0011| balance remaining at the end of fiscal year 1999 shall revert to
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0012| the severance tax bonding fund. If the local government
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0013| division of the department of finance and administration has not
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0014| certified the need for the issuance of the bonds by the end of
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0015| fiscal year 1998, the authorization provided in this section
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0016| shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0020|
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