0001|                            HOUSE BILL 511
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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|                            J. PAUL TAYLOR
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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 THE PURCHASE OF A BOOKMOBILE FOR DONA
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0013|     ANA COUNTY; 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.--The state board of finance may
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0018|     issue and sell severance tax bonds in compliance with the
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0019|     Severance Tax Bonding Act in an amount not exceeding forty-two
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0020|     thousand five hundred dollars ($42,500) when the local
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0021|     government division of the department of finance and
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0022|     administration certifies the need for the issuance of the
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0023|     bonds.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the local government division of the
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0007|     department of finance and administration for the purpose of
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0008|     purchasing a bookmobile for Dona Ana county.  Any unexpended or
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0009|     unencumbered balance remaining at the end of fiscal year 2000
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0010|     shall revert to the severance tax bonding fund.  If the local
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0011|     government division of the department of finance and
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0012|     administration has not certified the need for the issuance of
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0013|     the bonds by the end of fiscal year 1999, the authorization
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0014|     provided in this section shall be void.
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                          - 2 -    
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