HB 2
Page 1
AN ACT
RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
SEVERANCE TAX BONDS; AUTHORIZING EXPENDITURES; MAKING
APPROPRIATIONS TO CERTAIN STATE AGENCIES AND STATE FUNDS FOR
CAPITAL IMPROVEMENTS, PLANNING AND RELATED PURPOSES;
REAUTHORIZING AND APPROPRIATING BALANCES OF CERTAIN SEVERANCE
TAX BOND PROCEEDS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
APPROPRIATION OF PROCEEDS.--
A. The state board of finance may issue and sell
severance tax bonds in compliance with the Severance Tax
Bonding Act in an amount not to exceed the total of the
amounts authorized for purposes specified in Sections 2
through 19 of this act. The state board of finance shall
schedule the issuance and sale of the bonds in the most
expeditious and economical manner possible upon a finding by
the board that the project has developed sufficiently to
justify the issuance and that the project can proceed to
contract within a reasonable time. The state board of finance
shall further take the appropriate steps necessary to comply
with the Internal Revenue Code of 1986, as amended. Proceeds
from the sale of the bonds are appropriated for the purposes
specified in Sections 2 through 19 of this act.