0001| HOUSE BILL 843
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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| FRANK BIRD
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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 CAPITAL PROJECTS IN HOUSE DISTRICT 23
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0013| IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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0014| 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--PURPOSES FOR WHICH
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0018| ISSUED--APPROPRIATION OF PROCEEDS.--
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0019| A. The state board of finance may issue and sell
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0020| severance tax bonds in compliance with the Severance Tax
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0021| Bonding Act in an amount not exceeding seven hundred thousand
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0022| dollars ($700,000) when the local government division of the
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0023| department of finance and administration certifies the need for
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0024| the 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 in the following amounts for the
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0009| following purposes in Albuquerque in Bernalillo county:
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0010| (1) three hundred fifty thousand dollars
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0011| ($350,000) to construct and equip a new library near Harper and
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0012| Barstow streets in the northeast heights section of Albuquerque
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0013| in Bernalillo county; and
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0014| (2) three hundred fifty thousand dollars
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0015| ($350,000) to build a new park, Vineyard park, in Albuquerque
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0016| in Bernalillo county.
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0017| B. If the local government division has not
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0018| certified the need for the issuance of the bonds by the end of
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0019| fiscal year 1999, the authorization provided in this section
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0020| shall be void. Any unexpended or unencumbered balance
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0021| remaining from the proceeds of severance tax bonds issued
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0022| pursuant to Subsection A of this section at the end of fiscal
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0023| year 2000 shall revert to 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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