0001| HOUSE BILL 625
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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| DANICE R. PICRAUX
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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 MAKE RENOVATIONS ADDRESSING ACCESSIBILITY
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0014| CONCERNS AT THE NEW MEXICO MUSEUM OF NATURAL HISTORY AND SCIENCE
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0015| IN ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING AN
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0016| APPROPRIATION; DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding one hundred forty-eight thousand dollars ($148,000) when the office of cultural
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0022| affairs certifies the need for the issuance of the bonds. The
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0023| state board of finance shall schedule the issuance and sale of
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0024| the bonds in the most expeditious and economical manner possible
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0025| upon a finding by the board that the project has been developed
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0001| sufficiently to justify the issuance and that the project can
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0002| proceed to contract within a reasonable time. The state board
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0003| of finance shall further take the appropriate steps necessary to
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0004| comply with the Internal Revenue Code of 1986, as amended. The
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0005| proceeds from the sale of the bonds are appropriated to the
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0006| office of cultural affairs for the purpose of making renovations
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0007| addressing accessibility concerns at the New Mexico museum of
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0008| natural history and science in Albuquerque located in Bernalillo
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0009| county. Any unexpended or unencumbered balance remaining at the
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0010| end of fiscal year 1999 shall revert to the severance tax
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0011| bonding fund. If the office of cultural affairs 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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