0001|                            HOUSE BILL 233
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                         W. C. "DUB" WILLIAMS
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR A SEWER LINE EXTENSION TO THE LAS LOMAS
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0013|     SUBDIVISION AND THE RENOVATION OF THE ALL AMERICAN PARK IN THE
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0014|     VILLAGE OF RUIDOSO DOWNS IN LINCOLN COUNTY; MAKING AN
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0015|     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-
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0019|     -APPROPRIATION OF PROCEEDS.--
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0020|               A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax
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0022|     Bonding Act in an amount not exceeding one hundred eighty-seven
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0023|     thousand five hundred dollars ($187,500) when the local
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0024|     government division of the department of finance and
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0025|     administration certifies the need for the issuance of the
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0001|     bonds.  The state board of finance shall schedule the issuance
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0002|     and sale of the bonds in the most expeditious and economical
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0003|     manner possible upon a finding by the board that the project
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0004|     has been developed sufficiently to justify the issuance and
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0005|     that the project can proceed to contract within a reasonable
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0006|     time.  The state board of finance shall further take the
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0007|     appropriate steps necessary to comply with the Internal Revenue
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0008|     Code of 1986, as amended.  The proceeds from the sale of the
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0009|     bonds are appropriated to the local government division of the
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0010|     department of finance and administration in the following
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0011|     amounts for the following purposes:
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0012|                    (1)  one hundred fifty thousand dollars
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0013|     ($150,000) to install, improve and extend a sewer line to the
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0014|     Las Lomas subdivision in the village of Ruidoso Downs in
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0015|     Lincoln county; and
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0016|                    (2)  thirty-seven thousand five hundred dollars
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0017|     ($37,500) to renovate the All American park in the village of
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0018|     Ruidoso Downs in Lincoln county. 
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0019|               B.  If the local government division of the
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0020|     department of finance and administration has not certified the
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0021|     need for the issuance of the bonds by the end of fiscal year
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0022|     1999, the authorization provided in this section shall be void. 
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0023|     Any unexpended or unencumbered balance remaining from the
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0024|     proceeds of severance tax bonds issued pursuant to Subsection A
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0025|     of this section at the end of fiscal year 2000 shall revert to
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0001|     the severance tax bonding fund. 
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0002|          Section 2.  EMERGENCY.--It is necessary for the public
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0003|     peace, health and safety that this act take effect immediately.
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0004|                            - 3 -
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