0001|                            HOUSE BILL 764
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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|                             GARY K. KING
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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 CORRECTIONS DEPARTMENT FOR THE
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0013|     PURPOSE OF PLANNING, DESIGNING AND CONSTRUCTING A FIVE HUNDRED
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0014|     BED CORRECTIONAL FACILITY THAT PROVIDES SUBSTANCE ABUSE
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0015|     TREATMENT SERVICES TO CERTAIN INMATES; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021|     issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding forty
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0023|     million dollars ($40,000,000) when the corrections department
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     corrections department for the purpose of planning, designing
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0009|     and constructing a five hundred bed correctional facility that
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0010|     provides substance abuse treatment services to inmates
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0011|     convicted for driving under the influence of intoxicating
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0012|     liquor or drugs or any violation of the Controlled Substances
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0013|     Act.  Any unexpended or unencumbered balance remaining at the
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0014|     end of fiscal year 2000 shall revert to the severance tax
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0015|     bonding fund.  If the corrections department has not certified
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0016|     the need for the issuance of the bonds by the end of fiscal
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0017|     year 1999, the authorization provided in this section shall be
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0018|     void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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