0001| SENATE BILL 657 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| TIMOTHY Z. JENNINGS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR VARIOUS CAPITAL IMPROVEMENT PROJECTS IN | 0013| THE CITY OF ROSWELL IN CHAVES COUNTY; MAKING APPROPRIATIONS; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 and 3 of this | 0023| act. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. Proceeds from the sale of the bonds | 0006| are appropriated for the purposes specified in Sections 2 and 3 | 0007| of this act. | 0008| B. The agencies named in Sections 2 and 3 of this | 0009| act shall certify to the state board of finance when the money | 0010| from the proceeds of the severance tax bonds authorized in this | 0011| section is needed for the purposes specified in the applicable | 0012| section of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1999, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| of severance tax bonds issued pursuant to Sections 2 and 3 of | 0019| this act at the end of fiscal year 2000 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0022| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of | 0023| Section 1 of this act, upon certification by the local | 0024| government division of the department of finance and | 0025| administration that the need exists for the issuance of the | 0001| bonds, the following amounts are appropriated to the local | 0002| government division of the department of finance and | 0003| administration for the following purposes in Roswell in Chaves | 0004| county: | 0005| A. two hundred fifty thousand dollars ($250,000) | 0006| for improvements to the Rio Hondo bicycle trail; | 0007| B. seven hundred thousand dollars ($700,000) for | 0008| planning, designing, constructing, remodeling and equipping the | 0009| Patricia L. Bassett children's wing of the Roswell museum and | 0010| art center; | 0011| C. three million five hundred thousand dollars | 0012| ($3,500,000) for planning, designing, constructing and | 0013| equipping a family aquatic center; | 0014| D. one hundred thousand dollars ($100,000) for | 0015| improvements to the Spring River zoo; | 0016| E. three hundred fifty thousand dollars ($350,000) | 0017| for improvements to the municipal park at the old municipal | 0018| airport; and | 0019| F. three hundred seventy-five thousand dollars | 0020| ($375,000) for park and parking lot improvements on north Main | 0021| street. | 0022| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF | 0023| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1 | 0024| of this act, upon certification by the department of | 0025| environment that the need exists for the issuance of the bonds, | 0001| two hundred fifty thousand dollars ($250,000) is appropriated | 0002| to the department of environment for the purpose of making | 0003| improvements to the wastewater system in east McGaffey street | 0004| area. | 0005| Section 4. EMERGENCY.--It is necessary for the public | 0006| peace, health and safety that this act take effect immediately. | 0007|  |