0001| HOUSE BILL 777
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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| LEO C. WATCHMAN, JR.
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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 TO PURCHASE A ROAD GRADER FOR NASCHITTI IN
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0013| SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014| 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-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding two
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0021| hundred seven thousand eight hundred eighty-two dollars
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0022| ($207,882) when the local government division of the department
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0023| of finance and administration certifies the need for the
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0024| issuance of the bonds. The state board of finance shall
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0025| schedule the issuance and sale of the bonds in the most
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0001| expeditious and economical manner possible upon a finding by
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0002| the board that the project has been developed sufficiently to
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0003| justify the issuance and that the project can proceed to
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0004| contract within a reasonable time. The state board of finance
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0005| shall further take the appropriate steps necessary to comply
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0006| with the Internal Revenue Code of 1986, as amended. The
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0007| proceeds from the sale of the bonds are appropriated to the
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0008| local government division of the department of finance and
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0009| administration for the purpose of purchasing a road grader for
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0010| Naschitti located in San Juan county. Any unexpended or
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0011| unencumbered balance remaining at the end of fiscal year 2000
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0012| shall revert to the severance tax bonding fund. If the local
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0013| government division of the department of finance and
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0014| administration has not certified the need for the issuance of
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0015| the bonds by the end of fiscal year 1999, the authorization
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0016| provided in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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