0001| SENATE BILL 690 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| LEONARD LEE RAWSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE OTERO COUNTY | 0013| FAIRGROUNDS; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0018| issue and sell severance tax bonds in compliance with the | 0019| Severance Tax Bonding Act in an amount not exceeding one | 0020| hundred fifty thousand dollars ($150,000) when the local | 0021| government division of the department of finance and | 0022| administration certifies the need for the issuance of the | 0023| bonds. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the local government division for the | 0007| purpose of making improvements to the Otero county fairgrounds, | 0008| including reroofing and expansion of seating and canopy | 0009| coverings, at the existing fairgrounds facility located in | 0010| Otero county. Any unexpended or unencumbered balance remaining | 0011| at the end of fiscal year 2000 shall revert to the severance | 0012| tax bonding fund. If the local government division has not | 0013| certified the need for the issuance of the bonds by the end of | 0014| fiscal year 1999, the authorization provided in this section | 0015| 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|  |