0001| HOUSE BILL 518 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| NICK L. SALAZAR | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR A COUNTY ROAD DEPARTMENT SUBSTATION IN | 0013| PENASCO IN TAOS COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0014| EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding fifty | 0021| thousand dollars ($50,000) when the local government division | 0022| of the department of finance and administration certifies the | 0023| need for the issuance of the bonds. The state board of finance | 0024| shall schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by | 0001| the board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| local government division of the department of finance and | 0008| administration for the purpose of designing, constructing and | 0009| equipping a county road department substation in Penasco | 0010| located in Taos county. Any unexpended or unencumbered balance | 0011| remaining at the end of fiscal year 2000 shall revert to the | 0012| severance tax bonding fund. If the local government division | 0013| of the department of finance and administration has not | 0014| certified the need for the issuance of the bonds by the end of | 0015| fiscal year 1999, the authorization provided in this section | 0016| shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |