0001|                           SENATE BILL 169
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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|                          CARROLL H. LEAVELL
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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 FOR RENOVATION OF THE CITY HALL BUILDING
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0013|     AND CHIP SEALING OF THE STREETS IN EUNICE IN LEA COUNTY; MAKING
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0014|     AN APPROPRIATION; 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.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding four hundred fifty-four
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0022|     thousand dollars ($454,000) when the local government division
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0023|     of the department of finance and administration certifies the
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0024|     need for the issuance of the bonds.  The state board of finance
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0025|     shall schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     local government division of the department of finance and
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0009|     administration in the amounts and for the purposes as follows:
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0010|                    (1)  one hundred seventy-five thousand dollars
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0011|     ($175,000) to be conditioned upon matching funds from the city
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0012|     of Eunice in the amount of fifty thousand dollars ($50,000) for
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0013|     the purpose of renovating the city hall building in Eunice in
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0014|     Lea county; and
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0015|                    (2)  two hundred seventy-nine thousand dollars
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0016|     ($279,000) to be conditioned upon matching funds from the city
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0017|     of Eunice in the amount of one hundred thousand dollars
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0018|     ($100,000) for the purpose of chip sealing the city streets in
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0019|     Eunice in Lea county.
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0020|               B.  Any unexpected or unencumbered balance remaining
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0021|     at the end of the fiscal year 2000 shall revert to the
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0022|     severance tax bonding fund.  If the local government division
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0023|     of the department of finance and administration has not
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0024|     certified the need for the issuance of the bonds by the end of
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0025|     fiscal year 1999, the authorization provided in this section
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0001|     shall be void.  Any unexpended or unencumbered balance
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0002|     remaining from the proceeds of severance tax bonds issued
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0003|     pursuant to Subsection A of this section at the end of fiscal
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0004|     year 2000 shall revert to the severance tax bonding fund. 
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0005|          Section 2.  EMERGENCY.--It is necessary for the public
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0006|     peace, health and safety that this act take effect immediately.
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0007|                                  
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