0001|                            HOUSE BILL 229
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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|                         W. C. "DUB" WILLIAMS
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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 FUNDING PUBLIC CAPITAL IMPROVEMENTS IN
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0013|     THE TOWN OF CARRIZOZO IN LINCOLN COUNTY; MAKING AN
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0014|     APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED-
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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 exceeding one million two hundred
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0022|     seventeen thousand three hundred dollars ($1,217,300) when the
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0023|     local government division of the department of finance and
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0024|     administration certifies the need for the issuance of the
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0025|     bonds.  The state board of finance shall schedule the issuance
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0001|     and sale of the bonds in the most expeditious and economical
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0002|     manner possible upon a finding by the board that the project
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0003|     has been developed sufficiently to justify the issuance and
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0004|     that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  The proceeds from the sale of the
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0008|     bonds are appropriated to the local government division of the
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0009|     department of finance and administration in the following
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0010|     amounts for the following purposes, all in the town of
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0011|     Carrizozo in Lincoln county:
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0012|                    (1)  six hundred thirteen thousand dollars
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0013|     ($613,000) for engineering and architectural studies,
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0014|     construction and improvements necessary to construct a new
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0015|     municipal building or renovate the existing municipal building;
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0016|                    (2)  twenty thousand dollars ($20,000) to
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0017|     purchase a computer system;
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0018|                    (3)  one hundred thousand dollars ($100,000) to
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0019|     improve the golf course by the purchase and installation of an
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0020|     automated sprinkler system;
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0021|                    (4)  two hundred twenty-five thousand dollars
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0022|     ($225,000) to purchase heavy equipment for the city yard;
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0023|                    (5)  one hundred fourteen thousand three
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0024|     hundred dollars ($114,300) to improve, renovate and expand the
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0025|     swimming pool; to improve the swimming pool facility to comply
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0001|     with the American Disabilities Act of 1990; and to purchase and
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0002|     install a heating system for the swimming pool;
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0003|                    (6)  twenty thousand dollars ($20,000) for
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0004|     engineering and architectural studies and construction to
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0005|     renovate the existing Carrizozo municipal airport on Eighth
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0006|     street and to comply with the American Disabilities Act of
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0007|     1990; and
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0008|                    (7)  one hundred twenty-five thousand dollars
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0009|     ($125,000) to purchase heavy equipment for the town yard.  
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0010|               B.  If the local government division of the
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0011|     department of finance and administration has not certified the
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0012|     need for the issuance of the bonds by the end of fiscal year
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0013|     1999, the authorization provided in this section shall be void. 
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0014|     Any unexpended or unencumbered balance remaining from the
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0015|     proceeds of severance tax bonds issued pursuant to Subsection A
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0016|     of this section at the end of fiscal year 2000 shall revert to
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0017|     the severance tax bonding fund. 
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0018|          Section 2.  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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0020|                              
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