0001|                            HOUSE BILL 660
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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|                           DAVID M. PARSONS
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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 CAPITAL IMPROVEMENTS IN ROSWELL IN
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0013|     CHAVES COUNTY; MAKING AN APPROPRIATION; 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--PURPOSES FOR WHICH
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0017|     ISSUED--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 the amounts specified in this section when the
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0021|     local government division of the department of finance and
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0022|     administration certifies the need for the issuance of the
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0023|     bonds.  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.  The proceeds from the sale of the
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0006|     bonds are appropriated to the local government division in the
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0007|     following amounts for the following purposes in Chaves county:
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0008|                    (1)  one hundred seventy-five thousand dollars
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0009|     ($175,000) to design, demolish and construct a park, plaza and
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0010|     landscaped parking lot with lighting and furniture in Roswell; 
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0011|                    (2)  two hundred fifty thousand dollars
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0012|     ($250,000) to construct a storm drain system and reconstruct
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0013|     Atkinson avenue from Mescalero road to Berrendo road to a minor
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0014|     arterial curb and gutter roadway section in Roswell;
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0015|                    (3)  two hundred fifty thousand dollars
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0016|     ($250,000) to remove accessibility barriers in Roswell city
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0017|     facilities in compliance with the Americans with Disabilities
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0018|     Act of 1990; and
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0019|                    (4)  two hundred fifty thousand dollars
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0020|     ($250,000) to acquire land and construct an additional parking
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0021|     lot for the Roswell convention and civic center.
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0022|               B.  If the local government division has not
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0023|     certified the need for the issuance of the bonds by the end of
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0024|     fiscal year 1999, the authorization provided in this section
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0025|     shall be void.  Any unexpended or unencumbered balance
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0001|     remaining from the proceeds of severance tax bonds issued
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0002|     pursuant to Subsection A of this section at the end of fiscal
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0003|     year 2000 shall revert to the severance tax bonding fund. 
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0004|          Section 2.  EMERGENCY.--It is necessary for the public
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0005|     peace, health and safety that this act take effect immediately.
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0006|                                    
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0007|   
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0008|                      FORTY-THIRD LEGISLATURE
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0009|                        FIRST SESSION, 1997
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0010|   
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0011|   
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0012|                                                  March 19, 1997
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0013|   
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0014|   Mr. President:
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0015|   
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0016|       Your FINANCE COMMITTEE, to whom has been referred
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0017|   
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0018|          HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE
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0019|                         FOR HOUSE BILL 669
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0020|   
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0021|   has had it under consideration and reports same with
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0022|   recommendation that it DO PASS.
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0023|   
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0024|                                Respectfully submitted,
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0025|   
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0001|   
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0002|   
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0003|                                
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0004|   __________________________________
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0005|                                Ben D. Altamirano, Chairman 
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0006|   
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0007|   
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0008|   
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0009|   Adopted_______________________   Not
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0010|   Adopted_______________________
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0011|             (Chief Clerk)                          (Chief Clerk)
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0012|   
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0013|   
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0014|   
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0015|                     Date ________________________
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0016|   
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0017|   
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0018|   The roll call vote was <u> 6 </u> For <u> 1 </u> Against
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0019|           Yes:    6
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0020|           No:     Lyons
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0021|                Excused:     Aragon, Eisenstadt, McKibben, Romero
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0022|           Absent: None
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0023|   
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0024|   
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0025|   H0669FC1
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