0001| HOUSE BILL 642
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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| G.X. MCSHERRY
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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 CERTAIN CAPITAL PROJECTS IN LUNA COUNTY;
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0014| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018| A. The state board of finance may issue and sell
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0019| severance tax bonds in compliance with the Severance Tax Bonding
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0020| Act in an amount not exceeding eight hundred thirty thousand
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0021| dollars ($830,000) 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 in the following amounts for the following
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0009| purposes:
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0010| (1) six hundred fifty thousand dollars
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0011| ($650,000) to plan, design, construct and equip a multipurpose
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0012| juvenile facility in Luna county; and
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0013| (2) one hundred eighty thousand dollars
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0014| ($180,000) to purchase firefighting equipment for the Luna
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0015| county volunteer fire department.
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0016| B. If the local government division of the
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0017| department of finance and administration has not certified the
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0018| need for the issuance of the bonds by the end of fiscal year
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0019| 1998, the authorization provided in this section shall be void.
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0020| Any unexpended or unencumbered balance remaining from the
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0021| proceeds of severance tax bonds issued pursuant to Subsection A
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0022| of this section at the end of fiscal year 1999 shall revert to
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0023| the severance tax bonding fund.
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0024| Section 2. EMERGENCY.--It is necessary for the public
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0025| peace, health and safety that this act take effect immediately.
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