0001| SENATE BILL 58
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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| MARY JANE M. GARCIA
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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 IMPROVEMENTS TO A TEEN CENTER IN LAS
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0013| CRUCES IN DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014| 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 three
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0021| hundred fifty thousand dollars ($350,000) when the local
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0022| government division of the department of finance and
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0023| administration certifies the need for the issuance of the
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0024| bonds. The state board of finance shall schedule the issuance
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0025| and sale of the bonds in the most expeditious and economical
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0001| manner possible upon a finding by the board that the project
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0002| has been developed sufficiently to justify the issuance and
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0003| that the project can proceed to contract within a reasonable
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0004| time. The state board of finance shall further take the
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0005| appropriate steps necessary to comply with the Internal Revenue
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0006| Code of 1986, as amended. The proceeds from the sale of the
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0007| bonds are appropriated to the local government division of the
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0008| department of finance and administration for the purpose of
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0009| planning, designing and making improvements to the teen center
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0010| in Las Cruces located in Dona Ana 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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