0001| SENATE BILL 270 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| TIMOTHY Z. JENNINGS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR ESTABLISHMENT OF A SOCCER FIELD COMPLEX | 0013| IN ROSWELL IN CHAVES COUNTY; MAKING AN APPROPRIATION; DECLARING | 0014| AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding three | 0021| hundred thousand dollars ($300,000) when the local government | 0022| division of the department of finance and administration | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary | 0005| to comply with the Internal Revenue Code of 1986, as amended. | 0006| The proceeds from the sale of the bonds are appropriated to the | 0007| local government division for the purpose of planning, | 0008| designing, constructing and equipping, including irrigation and | 0009| drinking water systems, a complex of soccer fields in the city | 0010| of Roswell located in Chaves county. Any unexpended or | 0011| unencumbered balance remaining at the end of fiscal year 2000 | 0012| shall revert to the severance tax bonding fund. If the local | 0013| government division has not certified the need for the issuance | 0014| of the bonds by the end of fiscal year 1999, the authorization | 0015| provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |