0001|                            HOUSE BILL 937
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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|                            J. PAUL TAYLOR
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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 PERMANENT EXHIBITS AND TO
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0013|     COMPLETE THE DESIGN, INSTALLATION, CONSTRUCTION AND EQUIPPING
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0014|     OF PERMANENT EXHIBITS FOR THE NEW MEXICO FARM AND RANCH
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0015|     HERITAGE MUSEUM IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021|     issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding one
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0023|     million five hundred thousand dollars ($1,500,000) when the
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0024|     office of cultural affairs certifies the need for the issuance
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0025|     of the bonds.  The state board of finance shall schedule the
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0001|     issuance and sale of the bonds in the most expeditious and
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0002|     economical manner possible upon a finding by the board that the
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0003|     project has been developed sufficiently to justify the issuance
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0004|     and that the project can proceed to contract within a
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0005|     reasonable time.  The state board of finance shall further take
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0006|     the appropriate steps necessary to comply with the Internal
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0007|     Revenue Code of 1986, as amended.  The proceeds from the sale

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0008|     of the bonds are appropriated to the office of cultural affairs
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0009|     for the purpose of designing, developing, constructing and
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0010|     equipping permanent exhibits at the New Mexico farm and ranch
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0011|     heritage museum located in Dona Ana county.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 2000
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0013|     shall revert to the severance tax bonding fund.  If the office
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0014|     of cultural affairs has not certified the need for the issuance
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0015|     of 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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0019|                                  
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