0001| HOUSE BILL 399
|
0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
|
0003| 1996
|
0004| INTRODUCED BY
|
0005| DEBBIE A. RODELLA
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011| AN ACT
|
0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0013| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS IN RIO ARRIBA
|
0014| COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
|
0015|
|
0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
|
0018| APPROPRIATION OF PROCEEDS.--
|
0019| A. The state board of finance may issue and sell
|
0020| severance tax bonds in compliance with the Severance Tax Bonding
|
0021| Act in an amount not to exceed the total of the amounts
|
0022| authorized for purposes specified in Sections 2 and 3 of this
|
0023| act. The state board of finance shall schedule the issuance and
|
0024| sale of the bonds in the most expeditious and economical manner
|
0025| possible upon a finding by the board that the project has been
|
0001| developed sufficiently to justify the issuance and that the
|
0002| project can proceed to contract within a reasonable time. The
|
0003| state board of finance shall further take the appropriate steps
|
0004| necessary to comply with the Internal Revenue Code of 1986, as
|
0005| amended. Proceeds from the sale of the bonds are appropriated
|
0006| for the purposes specified in Sections 2 and 3 of this act.
|
0007| B. The agencies named in Sections 2 and 3 of this
|
0008| act shall certify to the state board of finance when the money
|
0009| from the proceeds of the severance tax bonds authorized in this
|
0010| section is needed for the purposes specified in the applicable
|
0011| section of this act.
|
0012| C. If the specified agency has not certified the
|
0013| need for the issuance of the bonds by the end of fiscal year
|
0014| 1998, the authorization provided in this act shall be void.
|
0015| D. Unless otherwise specified in this act, any
|
0016| unexpended or unencumbered balance remaining from the proceeds
|
0017| of severance tax bonds issued pursuant to Sections 2 and 3 of
|
0018| this act at the end of fiscal year 1999 shall revert to the
|
0019| severance tax bonding fund.
|
0020| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
|
0021| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section
|
0022| 1 of this act, upon certification by the local government
|
0023| division of the department of finance and administration that
|
0024| the need exists for the issuance of the bonds, the following
|
0025| amounts are appropriated to the local government division of the
|
0001| department of finance and administration for the following
|
0002| purposes:
|
0003| A. one million seventy thousand dollars ($1,070,000)
|
0004| to design, construct, renovate, make improvements to, equip or
|
0005| furnish the courthouse in Tierra Amarilla in Rio Arriba county;
|
0006| and
|
0007| B. four hundred twenty-one thousand two hundred
|
0008| fifty dollars ($421,250) to acquire rights of way and construct
|
0009| improvements to Arroyo de la Escuela for flood and drainage
|
0010| control in Hernandez in Rio Arriba county.
|
0011| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND
|
0012| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions
|
0013| of Section 1 of this act, upon certification by the state
|
0014| highway and transportation department that the need exists for
|
0015| the issuance of the bonds, the following amounts are
|
0016| appropriated to the state highway and transportation department
|
0017| for the following purposes:
|
0018| A. two hundred forty-one thousand one hundred
|
0019| dollars ($241,100) to design, construct and make improvements to
|
0020| a low-water crossing structure across Arroyo de los Barranco on
|
0021| county road 126 in lower La Mesilla in Rio Arriba county; and
|
0022| B. seventy-nine thousand dollars ($79,000) to
|
0023| surface and improve county road 140 in Medanales in Rio Arriba
|
0024| county.
|
0025| Section 4. EMERGENCY.--It is necessary for the public
|
0001| peace, health and safety that this act take effect immediately.
|