0001| HOUSE BILL 520 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| M. MICHAEL OLGUIN | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR SOCORRO COUNTY CAPITAL OUTLAY PROJECTS; | 0013| MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 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 to exceed the total of the amounts | 0021| authorized for purposes specified in Sections 2 and 3 of this | 0022| act. The state board of finance shall schedule the issuance | 0023| and sale of the bonds in the most expeditious and economical | 0024| manner possible upon a finding by the board that the project | 0025| has been developed sufficiently to justify the issuance and | 0001| that the project can proceed to contract within a reasonable | 0002| time. The state board of finance shall further take the | 0003| appropriate steps necessary to comply with the Internal Revenue | 0004| Code of 1986, as amended. Proceeds from the sale of the bonds | 0005| are appropriated for the purposes specified in Sections 2 and 3 | 0006| 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| 1999, 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 2000 shall revert to the | 0019| severance tax bonding fund. | 0020| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0021| ADMINISTRATION--PURPOSE.--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, two hundred | 0025| fifty thousand dollars ($250,000) is appropriated to the local | 0001| government division of the department of finance and | 0002| administration for the purpose of designing, constructing and | 0003| equipping a new roof for the bureau of Indian affairs dormitory | 0004| complex in the village of Magdalena in Socorro county. | 0005| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0006| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions | 0007| of Section 1 of this act, upon certification by the state | 0008| highway and transportation department that the need exists for | 0009| the issuance of the bonds, five hundred thousand dollars | 0010| ($500,000) is appropriated to the state highway and | 0011| transportation department for the purpose of paving portions of | 0012| Hop Canyon road in Socorro county. | 0013| Section 4. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015|  |