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