0001| HOUSE BILL 576 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| CISCO MCSORLEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO ACQUIRE ECOLOGICALLY SIGNIFICANT LAND | 0014| UNDER THE PROVISIONS OF THE NATURAL LANDS PROTECTION ACT; MAKING | 0015| 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 five hundred thousand | 0021| dollars ($500,000) when the energy, minerals and natural | 0022| resources department certifies the need for the issuance of the | 0023| bonds. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project has | 0001| been developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the energy, minerals and natural resources | 0007| department for the purpose of acquiring ecologically significant | 0008| land under the provisions of the Natural Lands Protection Act. | 0009| Any unexpended or unencumbered balance remaining at the end of | 0010| fiscal year 1999 shall revert to the severance tax bonding fund. | 0011| If the energy, minerals and natural resources department has not | 0012| certified the need for the issuance of the bonds by the end of | 0013| fiscal year 1998, the authorization provided in this section | 0014| shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017| - 2 - |