0001| SENATE BILL 56 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MARY JANE M. GARCIA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR PLANNING, DESIGNING AND REMODELING THE | 0013| LAS CRUCES MUSEUM OF FINE ART AND CULTURE IN DONA ANA COUNTY; | 0014| MAKING AN APPROPRIATION; 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 ten thousand dollars ($610,000) when the office of | 0022| cultural affairs certifies the need for the issuance of the | 0023| bonds. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the office of cultural affairs for | 0007| the purpose of planning, designing and remodeling the Las | 0008| Cruces museum of fine art and culture located in Dona Ana | 0009| county. Any unexpended or unencumbered balance remaining at | 0010| the end of fiscal year 2000 shall revert to the severance tax | 0011| bonding fund. If the office of cultural affairs has not | 0012| certified the need for the issuance of the bonds by the end of | 0013| fiscal year 1999, the authorization provided in this section | 0014| shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |