0001|                           HOUSE BILL 1198
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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|                          DEBBIE A. RODELLA
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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 SANDOVAL COUNTY CAPITAL OUTLAY
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0013|     PROJECTS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0017|     APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not to exceed the total of the amounts
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0021|     authorized for purposes specified in Sections 2 through 4 of
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0022|     this act.  The state board of finance shall schedule the
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0023|     issuance and sale of the bonds in the most expeditious and
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0024|     economical manner possible upon a finding by the board that the
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0025|     project has been developed sufficiently to justify the issuance
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0001|     and that the project can proceed to contract within a
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0002|     reasonable time.  The state board of finance shall further take
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0003|     the appropriate steps necessary to comply with the Internal
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0004|     Revenue Code of 1986, as amended.  Proceeds from the sale of
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0005|     the bonds are appropriated for the purposes specified in
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0006|     Sections 2 through 4 of this act.
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0007|               B.  The agencies named in Sections 2 through 4 of
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0008|     this act shall certify to the state board of finance when the
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0009|     money from the proceeds of the severance tax bonds authorized
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0010|     in this section is needed for the purposes specified in the
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0011|     applicable section of this act.
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0012|               C.  If the specified agency has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1999, the authorization provided in this act shall be void.
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0015|               D.  Unless otherwise specified in this act, any
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0016|     unexpended or unencumbered balance remaining from the proceeds
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0017|     of severance tax bonds issued pursuant to Sections 2 through 4
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0018|     of this act at the end of fiscal year 2000 shall revert to the
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0019|     severance tax bonding fund.
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0020|          Section 2.  SEVERANCE TAX BONDS--STATE DEPARTMENT OF
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0021|     PUBLIC EDUCATION--PURPOSE.--Pursuant to the provisions of
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0022|     Section 1 of this act, upon certification by the state
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0023|     department of public education that the need exists for the
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0024|     issuance of the bonds, seventy thousand dollars ($70,000) is
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0025|     appropriated to the state department of public education to
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0001|     construct an additional classroom for and remodel the
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0002|     elementary school in the Cuba independent school district in
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0003|     Sandoval county.
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0004|          Section 3.  SEVERANCE TAX BONDS.--DEPARTMENT OF FINANCE
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0005|     AND ADMINISTRATION--PURPOSE.--Pursuant to the provisions of
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0006|     Section 1 of this act, upon certification by the local
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0007|     government division of the department of finance and
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0008|     administration that the need exists for the issuance of the
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0009|     bonds, fifty thousand dollars ($50,000) is appropriated to the
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0010|     local government division of the department of finance and
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0011|     administration to design, construct and equip repairs to La
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0012|     Jarra community center in Sandoval county.
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0013|          Section 4.  SEVERANCE TAX BONDS--DEPARTMENT OF
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0014|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0015|     of this act, upon certification by the department of
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0016|     environment that the need exists for the issuance of the bonds,
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0017|     five hundred ten thousand dollars ($510,000) is appropriated to
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0018|     the department of environment for the purpose of planning,
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0019|     designing and constructing the Placitas mutual domestic water
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0020|     and sewer association's centralized wastewater collection and
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0021|     treatment facility in the community of Placitas located in Rio
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0022|     Arriba county.
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0023|          Section 5.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.

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