0001|                           SENATE BILL 222
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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 REMODELING AND RENOVATING THE EDDY
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0013|     COUNTY COURTHOUSE AND THE OTIS COMMUNITY CENTER IN EDDY COUNTY;
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0014|     MAKING 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 six hundred fifty
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0022|     thousand dollars ($650,000) 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 in the following amounts for the
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0009|     following purposes:
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0010|                    (1)  remodeling and renovation of the Eddy
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0011|     county courthouse, five hundred thousand dollars ($500,000);
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0012|     and
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0013|                    (2)  phase 3 of the renovation of the Otis
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0014|     community center in Eddy county, one hundred fifty thousand
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0015|     dollars ($150,000).
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0016|               B.  If the local government division has not
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0017|     certified the need for the issuance of the bonds by the end of
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0018|     fiscal year 1999, the authorization provided in this section
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0019|     shall be void.  Any unexpended or unencumbered balance
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0020|     remaining from the proceeds of severance tax bonds issued
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0021|     pursuant to Subsection A of this section at the end of fiscal
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0022|     year 2000 shall revert to the severance tax bonding fund. 
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0023|          Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                  
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0001|     
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