0001| SENATE BILL 6 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PATRICK H. LYONS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO PLAN, DESIGN OR CONSTRUCT AN ARMORY NEAR | 0013| CLAYTON LOCATED IN UNION 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 six | 0021| hundred thousand dollars ($600,000) when the state armory board | 0022| certifies the need for the issuance of the bonds. The state | 0023| board of finance shall schedule the issuance and sale of the | 0024| bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary | 0004| to comply with the Internal Revenue Code of 1986, as amended. | 0005| The proceeds from the sale of the bonds are appropriated to the | 0006| state armory board to plan, design or construct an armory near | 0007| Clayton located in Union county. Any unexpended or | 0008| unencumbered balance remaining from the proceeds of severance | 0009| tax bonds issued pursuant to this section at the end of fiscal | 0010| year 2000 shall revert to the severance tax bonding fund. If | 0011| the state armory board has not certified the need for the | 0012| issuance of the bonds by the end of fiscal year 1999, the | 0013| authorization provided in this section shall be void. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  | 0017| | 0018| | 0019| | 0020| | 0021| | 0022| | 0023| |