0001| SENATE BILL 135
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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| MICHAEL S. SANCHEZ
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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 TO COMPLETE PHASE ONE OF MORRIS ROAD PARK
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0013| IN LOS LUNAS IN VALENCIA 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 four
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0021| hundred thousand dollars ($400,000) when the local government
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0022| division of the department of finance and administration
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0023| certifies the need for the issuance of the bonds. The state
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0024| board of finance shall schedule the issuance and sale of the
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0025| bonds in the most expeditious and economical manner possible
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0001| upon a finding by the board that the project has been developed
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0002| sufficiently to justify the issuance and that the project can
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0003| proceed to contract within a reasonable time. The state board
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0004| of finance shall further take the appropriate steps necessary
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0005| to comply with the Internal Revenue Code of 1986, as amended.
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0006| The proceeds from the sale of the bonds are appropriated to the
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0007| local government division of the department of finance and
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0008| administration for the purpose of improving the sewer and water
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0009| lines on New Mexico state road 314 and beginning initial
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0010| improvements to Morris road park located in Valencia county.
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0011| Any unexpended or unencumbered balance remaining at the end of
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0012| fiscal year 2000 shall revert to the severance tax bonding
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0013| fund. If the local government division of the department of
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0014| finance and administration has not certified the need for the
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0015| issuance of the bonds by the end of fiscal year 1999, the
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0016| authorization provided in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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