0001| SENATE BILL 317 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PETE CAMPOS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CERTAIN CAPITAL PROJECTS IN CORONA | 0014| LOCATED IN LINCOLN COUNTY; MAKING APPROPRIATIONS; DECLARING AN | 0015| EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0019| APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax Bonding | 0022| Act in an amount not to exceed the total of the amounts | 0023| authorized for purposes specified in Sections 2 and 3 of this | 0024| act. The state board of finance shall schedule the issuance and | 0025| sale of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. Proceeds from the sale of the bonds are appropriated | 0007| for the purposes specified in Sections 2 and 3 of this act. | 0008| B. The agencies named in Sections 2 and 3 of this | 0009| act shall certify to the state board of finance when the money | 0010| from the proceeds of the severance tax bonds authorized in this | 0011| section is needed for the purposes specified in the applicable | 0012| section of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1998, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| of severance tax bonds issued pursuant to Sections 2 and 3 of | 0019| this act at the end of fiscal year 1999 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF | 0022| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1 | 0023| of this act, upon certification by the department of environment | 0024| that the need exists for the issuance of the bonds, two hundred | 0025| thousand dollars ($200,000) is appropriated to the department of | 0001| environment for the purpose of installing a water pipeline and | 0002| making improvements to the domestic water system in Corona | 0003| located in Lincoln county. | 0004| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0005| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions | 0006| of Section 1 of this act, upon certification by the state | 0007| highway and transportation department that the need exists for | 0008| the issuance of the bonds, fifteen thousand dollars ($15,000) is | 0009| appropriated to the state highway and transportation department | 0010| for the purpose of resealing and making improvements to streets | 0011| and sidewalks in Corona located in Lincoln county. | 0012| Section 4. EMERGENCY.--It is necessary for the public | 0013| peace, health and safety that this act take effect immediately. | 0014|  | 0015| | 0016| FORTY-SECOND LEGISLATURE | 0017| SECOND SESSION, 1996 | 0018| | 0019| | 0020| JANUARY 26, 1996 | 0021| | 0022| Mr. President: | 0023| | 0024| Your COMMITTEES' COMMITTEE, to whom has been referred | 0025| | 0001| SENATE BILL 317 | 0002| | 0003| has had it under consideration and finds same to be GERMANE, PURSUANT | 0004| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0005| COMMITTEE. | 0006| | 0007| Respectfully submitted, | 0008| | 0009| | 0010| | 0011| | 0012| __________________________________ | 0013| SENATOR MANNY M. ARAGON, Chairman | 0014| | 0015| | 0016| | 0017| Adopted_______________________ Not Adopted_______________________ | 0018| (Chief Clerk) (Chief Clerk) | 0019| | 0020| | 0021| Date ________________________ | 0022| | 0023| | 0024| | 0025| S0317CC1 |