0001|                           SENATE BILL 577
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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|                            PHIL A. GRIEGO
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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 VILLAGE OF WILLARD CAPITAL OUTLAY
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0013|     PROJECTS IN TORRANCE COUNTY; MAKING APPROPRIATIONS; DECLARING
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0014|     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--DEPARTMENT OF
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0022|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0023|     of this act, upon certification by the department of
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0024|     environment that the need exists for the issuance of the bonds,
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0025|     one hundred thousand dollars ($100,000) is appropriated to the
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0001|     department of environment to construct and inspect a landfill
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0002|     closure for the village of Willard landfill in Torrance county.
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0003|          Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0004|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0005|     1 of this act, upon certification by the local government
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0006|     division of the department of finance and administration that
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0007|     the need exists for the issuance of the bonds, one hundred
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0008|     thousand dollars ($100,000) is appropriated to the local
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0009|     government division of the department of finance and
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0010|     administration for the purpose of designing, constructing,
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0011|     purchasing, equipping and furnishing a municipal office
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0012|     building and a maintenance shop for the village of Willard
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0013|     located in Torrance county.
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0014|          Section 4.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                    
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0017|   
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0018|                      FORTY-THIRD LEGISLATURE
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0019|                        FIRST SESSION, 1997
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0020|   
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0021|   
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0022|                                               February 13, 1997
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0023|   
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0024|   Mr. President:
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0025|   
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0001|       Your CONSERVATION COMMITTEE, to whom has been referred
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0002|   
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0003|                          SENATE BILL 577
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0004|   
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0005|   has had it under consideration and reports same with
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0006|   recommendation that it DO PASS, and thence referred to the
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0007|   FINANCE COMMITTEE.
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0008|   
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0009|                                Respectfully submitted,
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0010|   
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0011|   
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0012|   
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0013|                                
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0014|   __________________________________
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0015|                                Michael S. Sanchez, Chairman 
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0016|   
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0017|   
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0018|   
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0019|   Adopted_______________________   Not
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0020|   Adopted_______________________
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0021|             (Chief Clerk)                          (Chief Clerk)
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0022|   
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0023|   
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0024|                     Date ________________________
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0025|   
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0001|   
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0002|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0003|           Yes:    7
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0004|           No:     None
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0005|                Excused:     Kysar, Lyons, Macias
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0006|           Absent: None
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0007|   
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0008|   
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0009|   S0577CO1
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0010|   
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