0001| SENATE BILL 6
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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| PATRICK H. LYONS
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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 TO PLAN, DESIGN OR CONSTRUCT AN ARMORY NEAR
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0013| CLAYTON LOCATED IN UNION COUNTY; MAKING AN APPROPRIATION;
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0014| DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding six
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0021| hundred thousand dollars ($600,000) when the state armory board
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0022| certifies the need for the issuance of the bonds. The state
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0023| board of finance shall schedule the issuance and sale of the
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0024| bonds in the most expeditious and economical manner possible
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0025| upon a finding by the board that the project has been developed
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0001| sufficiently to justify the issuance and that the project can
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0002| proceed to contract within a reasonable time. The state board
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0003| of finance shall further take the appropriate steps necessary
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0004| to comply with the Internal Revenue Code of 1986, as amended.
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0005| The proceeds from the sale of the bonds are appropriated to the
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0006| state armory board to plan, design or construct an armory near
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0007| Clayton located in Union county. Any unexpended or
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0008| unencumbered balance remaining from the proceeds of severance
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0009| tax bonds issued pursuant to this section at the end of fiscal
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0010| year 2000 shall revert to the severance tax bonding fund. If
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0011| the state armory board has not certified the need for the
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0012| issuance of the bonds by the end of fiscal year 1999, the
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0013| authorization provided in this section shall be void.
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0014| Section 2. EMERGENCY.--It is necessary for the public
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0015| peace, health and safety that this act take effect immediately.
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