0001|                           HOUSE BILL 1230
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                            G. X. MCSHERRY
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT A CITY HALL
    |
0013|     IN COLUMBUS LOCATED IN LUNA COUNTY; MAKING AN APPROPRIATION;
    |
0014|     DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding sixty
    |
0021|     thousand seven hundred sixty-seven dollars ($60,767) when the
    |
0022|     local government division of the department of finance and
    |
0023|     administration certifies the need for the issuance of the
    |
0024|     bonds.  The state board of finance shall schedule the issuance
    |
0025|     and sale of the bonds in the most expeditious and economical
    |
0001|     manner possible upon a finding by the board that the project
    |
0002|     has been developed sufficiently to justify the issuance and
    |
0003|     that the project can proceed to contract within a reasonable
    |
0004|     time.  The state board of finance shall further take the
    |
0005|     appropriate steps necessary to comply with the Internal Revenue
    |
0006|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0007|     bonds are appropriated to the local government division of the
    |
0008|     department of finance and administration for the purpose of
    |
0009|     planning, designing and constructing a city hall in Columbus
    |
0010|     located in Luna county.   Any unexpended or unencumbered
    |
0011|     balance remaining at the end of fiscal year 2000 shall revert
    |
0012|     to the severance tax bonding fund.  If the local government
    |
0013|     division of the department of finance and administration has
    |
0014|     not certified the need for the issuance of the bonds by the end
    |
0015|     of fiscal year 1999, the authorization provided in this section
    |
0016|     shall be void.
    |
0017|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0018|     peace, health and safety that this act take effect immediately.
    |
0019|                              
    |