0001|                            HOUSE BILL 416
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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|                         W. C. "DUB" WILLIAMS
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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 WATER SYSTEM AND STREET IMPROVEMENTS
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0013|     AND RENOVATION OF THE VILLAGE HALL IN CORONA IN LINCOLN 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 five hundred thirty-five
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0022|     thousand dollars ($535,000) 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 of the department of finance and
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0009|     administration in the following amounts for the following
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0010|     purposes in Corona in Lincoln county:
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0011|                    (1)  four hundred thousand dollars ($400,000)
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0012|     for the acquisition and installation of a water tank and the
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0013|     construction and installation of approximately ten thousand
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0014|     linear feet of transmission pipeline to connect to the existing
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0015|     water system;
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0016|                    (2)  one hundred thousand dollars ($100,000)
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0017|     for the renovation of the village hall; and
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0018|                    (3)  thirty-five thousand dollars ($35,000) for
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0019|     chip sealing of existing paved roads.
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0020|               B.  If the local government division of the
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0021|     department of finance and administration has not certified the
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0022|     need for the issuance of the bonds by the end of fiscal year
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0023|     1999, the authorization provided in this section shall be void. 
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0024|     Any unexpended or unencumbered balance remaining from the
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0025|     proceeds of severance tax bonds issued pursuant to Subsection A
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0001|     of this section at the end of fiscal year 2000 shall revert to
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0002|     the severance tax bonding fund. 
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0003|          Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately.
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0005|                              
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