0001|                           SENATE BILL 333
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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|                          JOHN ARTHUR SMITH
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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 A RECREATION COMPLEX AND MULTIPLE-USE
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0013|     FACILITY IN TRUTH OR CONSEQUENCES IN SIERRA COUNTY; MAKING AN
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0014|     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.--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 three
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0021|     hundred seventy-six thousand two hundred twenty-five dollars
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0022|     ($376,225) when the local government division of the department
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0023|     of finance and administration certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     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 for the purpose of renovating,
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0009|     rebuilding, reconstructing, equipping or furnishing the
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0010|     recreation complex for use as a multiple-use facility in Truth
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0011|     or Consequences located in Sierra county.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 2000
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0013|     shall revert to the severance tax bonding fund.  If the local
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0014|     government division has not certified the need for the issuance
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0015|     of the bonds by the end of fiscal year 1999, the authorization
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0016|     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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0019|                              
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