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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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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