0001| HOUSE BILL 837
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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| LYNDA M. LOVEJOY
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0005|
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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 CAPITAL PROJECTS IN THE COMMUNITY OF
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0013| TORREON-STAR LAKE IN MCKINLEY AND SANDOVAL COUNTIES; MAKING
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0014| APPROPRIATIONS; 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--AUTHORIZATIONS--
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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 to exceed the total of the amounts
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0022| authorized for purposes specified in Sections 2 and 3 of this
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0023| act. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project
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0001| has been developed sufficiently to justify the issuance and
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0002| that the project can proceed to contract within a reasonable
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0003| time. The state board of finance shall further take the
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0004| appropriate steps necessary to comply with the Internal Revenue
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0005| Code of 1986, as amended. Proceeds from the sale of the bonds
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0006| are appropriated for the purposes specified in Sections 2 and 3
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0007| of this act.
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0008| B. The agencies named in Sections 2 and 3 of this
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0009| act shall certify to the state board of finance when the money
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0010| from the proceeds of the severance tax bonds authorized in this
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0011| section is needed for the purposes specified in the applicable
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0012| section of this act.
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0013| C. If the specified agency has not certified the
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0014| need for the issuance of the bonds by the end of fiscal year
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0015| 1999, the authorization provided in this act shall be void.
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0016| D. Unless otherwise specified in this act, any
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0017| unexpended or unencumbered balance remaining from the proceeds
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0018| of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019| this act at the end of fiscal year 2000 shall revert to the
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0020| severance tax bonding fund.
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0021| Section 2. SEVERANCE TAX BONDS--NEW MEXICO OFFICE OF
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0022| INDIAN AFFAIRS--PURPOSES.--Pursuant to the provisions of
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0023| Section 1 of this act, upon certification by the New Mexico
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0024| office of Indian affairs that the need exists for the issuance
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0025| of the bonds, the following amounts are appropriated to the New
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0001| Mexico office of Indian affairs for the following purposes for
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0002| projects in the community of Torreon-Star Lake in McKinley and
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0003| Sandoval counties:
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0004| A. twenty-five thousand dollars ($25,000) for low-
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0005| income housing electrical wiring; and
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0006| B. two hundred fifty thousand dollars ($250,000) to
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0007| purchase and install a modular building to be used as a chapter
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0008| house for community purposes.
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0009| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0010| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0011| of Section 1 of this act, upon certification by the state
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0012| highway and transportation department that the need exists for
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0013| the issuance of the bonds, twenty-five thousand dollars
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0014| ($25,000) is appropriated to the state highway and
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0015| transportation department for the purpose of purchasing and
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0016| installing ten cattle guards in the community of Torreon-Star
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0017| Lake located in McKinley and Sandoval counties.
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0018| Section 4 . EMERGENCY.--It is necessary for the public
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0019| peace, health and safety that this act take effect immediately.
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