0001|                           SENATE BILL 747
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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|                            R. L. STOCKARD
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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 A BUSINESS INCUBATION PROJECT IN
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0013|     FARMINGTON AND OTHER COMMUNITIES IN SAN JUAN COUNTY; MAKING AN
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0014|     APPROPRIATION; 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 four
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0021|     hundred thousand dollars ($400,000) 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 developing a business
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0009|     incubation project for Farmington and other communities located
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0010|     in San Juan county.  The certification and issuance of bonds is
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0011|     contingent upon the city of Farmington providing the building
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0012|     site for the project and five hundred thousand dollars
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0013|     ($500,000) in matching funds and the United States economic
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0014|     development administration providing one million dollars
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0015|     ($1,000,000) in matching funds for the project.  Any unexpended
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0016|     or unencumbered balance remaining at the end of fiscal year
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0017|     2000 shall revert to the severance tax bonding fund.  If the
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0018|     local government division of the department of finance and
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0019|     administration has not certified the need for the issuance of
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0020|     the bonds by the end of fiscal year 1999, the authorization
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0021|     provided in this section shall be void.
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0022|          Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                                  
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