0001| SENATE BILL 1107 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS IN LINCOLN COUNTY; | 0013| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax | 0020| Bonding Act in an amount not exceeding one million one hundred | 0021| thousand dollars ($1,100,000) when the local government | 0022| division of the department of finance and administration | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary | 0005| to comply with the Internal Revenue Code of 1986, as amended. | 0006| The proceeds from the sale of the bonds are appropriated to the | 0007| local government division in the following amounts for the | 0008| following purposes: | 0009| (1) one hundred thousand dollars ($100,000) | 0010| for construction of bleachers and restrooms at the Glencoe | 0011| rural events center in Lincoln county; and | 0012| (2) one million dollars ($1,000,000) for | 0013| continuing Camp Sierra Blanca as a youth boot camp. | 0014| B. If the local government division has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1999, the authorization provided in this section | 0017| shall be void. Any unexpended or unencumbered balance | 0018| remaining from the proceeds of severance tax bonds issued | 0019| pursuant to Subsection A of this section at the end of fiscal | 0020| year 2000 shall revert to the severance tax bonding fund. | 0021| Section 2. EMERGENCY.--It is necessary for the public | 0022| peace, health and safety that this act take effect immediately. | 0023|  |