0001| HOUSE BILL 860
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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| M. MICHAEL OLGUIN
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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 RENOVATION OF THE SOCORRO MAGISTRATE
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0013| COURT FACILITIES IN SOCORRO 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--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 ninety-
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0021| four thousand dollars ($94,000) when the local government
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0022| division of the department of finance and administration
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0023| certifies the need for the issuance of the bonds. The state
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0024| board of finance shall schedule the issuance and sale of the
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0025| bonds in the most expeditious and economical manner possible
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0001| upon a finding by the board that the project has been developed
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0002| sufficiently to justify the issuance and that the project can
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0003| proceed to contract within a reasonable time. The state board
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0004| of finance shall further take the appropriate steps necessary
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0005| to comply with the Internal Revenue Code of 1986, as amended.
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0006| The 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 for the purpose of designing, constructing,
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0009| furnishing and equipping additions and improvements to the
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0010| Socorro county magistrate court facilities located in Socorro
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0011| county. Any unexpended or unencumbered balance remaining at
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0012| the end of fiscal year 2000 shall revert to the severance tax
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0013| bonding fund. If the local government division of the
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0014| department of finance and administration has not certified the
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0015| need for the issuance of the bonds by the end of fiscal year
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0016| 1999, the authorization 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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