0001|                            HOUSE BILL 299
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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|                            JOHN A. HEATON
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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 EDDY COUNTY CAPITAL OUTLAY PROJECTS;
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0013|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding six hundred fifty
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0021|     thousand dollars ($650,000) when the local government division
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0022|     of the department of finance and administration certifies the
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0023|     need for the issuance of the bonds.  The state board of finance
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0024|     shall schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     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 in the following amounts for the following
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0009|     purposes:
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0010|                    (1)  five hundred thousand dollars ($500,000)
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0011|     to renovate and remodel the Eddy county courthouse in Eddy
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0012|     county; and
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0013|                    (2)  one hundred fifty thousand dollars
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0014|     ($150,000) to renovate, landscape and develop the Otis
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0015|     community center in Eddy county.
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0016|               B.  If the local government division of the
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0017|     department of finance and administration has not certified the
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0018|     need for the issuance of the bonds by the end of fiscal year
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0019|     1999, the authorization provided in this section shall be void. 
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0020|     Any unexpended or unencumbered balance remaining from the
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0021|     proceeds of severance tax bonds issued pursuant to Subsection A
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0022|     of this section at the end of fiscal year 2000 shall revert to
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0023|     the severance tax bonding fund. 
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0024|          Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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