0001|                            HOUSE BILL 704
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          BOBBIE K. MALLORY
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN HARDING COUNTY;
    |
0013|     MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
    |
0017|     APPROPRIATION OF PROCEEDS.--
    |
0018|               A.  The state board of finance may issue and sell
    |
0019|     severance tax bonds in compliance with the Severance Tax
    |
0020|     Bonding Act in an amount not to exceed the total of the amounts
    |
0021|     authorized for purposes specified in Sections 2 through 4 of
    |
0022|     this act.  The state board of finance shall schedule the
    |
0023|     issuance and sale of the bonds in the most expeditious and
    |
0024|     economical manner possible upon a finding by the board that the
    |
0025|     project has been developed sufficiently to justify the issuance
    |
0001|     and that the project can proceed to contract within a
    |
0002|     reasonable time.  The state board of finance shall further take
    |
0003|     the appropriate steps necessary to comply with the Internal
    |
0004|     Revenue Code of 1986, as amended.  Proceeds from the sale of
    |
0005|     the bonds are appropriated for the purposes specified in
    |
0006|     Sections 2 through 4 of this act.
    |
0007|               B.  The agencies named in Sections 2 through 4 of
    |
0008|     this act shall certify to the state board of finance when the
    |
0009|     money from the proceeds of the severance tax bonds authorized
    |
0010|     in this section is needed for the purposes specified in the
    |
0011|     applicable section of this act.
    |
0012|               C.  If the specified agency has not certified the
    |
0013|     need for the issuance of the bonds by the end of fiscal year
    |
0014|     1999, the authorization provided in this act shall be void.
    |
0015|               D.  Unless otherwise specified in this act, any
    |
0016|     unexpended or unencumbered balance remaining from the proceeds
    |
0017|     of severance tax bonds issued pursuant to Sections 2 through 4
    |
0018|     of this act at the end of fiscal year 2000 shall revert to the
    |
0019|     severance tax bonding fund.
    |
0020|          Section 2.  SEVERANCE TAX BONDS--LOCAL GOVERNMENT
    |
0021|     DIVISION--PURPOSES.--Pursuant to the provisions of Section 1 of
    |
0022|     this act, upon certification by the local government division
    |
0023|     of the department of finance and administration that the need
    |
0024|     exists for the issuance of the bonds, the following amounts are
    |
0025|     appropriated to the local government division of the department
    |
0001|     of finance and administration for the following purposes:
    |
0002|               A.  seventy-five thousand dollars ($75,000) to plan,
    |
0003|     design and construct an addition for expansion of the health
    |
0004|     clinic in the Roy community building located in Harding county;
    |
0005|     and
    |
0006|               B.  one hundred thirty-two thousand dollars
    |
0007|     ($132,000) to plan, design and construct a new building for the
    |
0008|     volunteer fire department in the village of Roy in Harding
    |
0009|     county.
    |
0010|          Section 3.  SEVERANCE TAX BONDS--STATE DEPARTMENT OF
    |
0011|     PUBLIC EDUCATION--PURPOSE.--Pursuant to the provisions of
    |
0012|     Section 1 of this act, upon certification by the state
    |
0013|     department of public education that the need exists for the
    |
0014|     issuance of the bonds, twenty thousand dollars ($20,000) is
    |
0015|     appropriated to the state department of public education for
    |
0016|     the purpose of purchasing an activity bus for the Roy municipal
    |
0017|     schools located in Harding county. 
    |
0018|          Section 4.  SEVERANCE TAX BONDS--DEPARTMENT OF
    |
0019|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
    |
0020|     of this act, upon certification by the department of
    |
0021|     environment that the need exists for the issuance of the bonds,
    |
0022|     seventy-nine thousand seven hundred fifty dollars ($79,750) is
    |
0023|     appropriated to the department of environment for the purpose
    |
0024|     of upgrading the Solano mutual domestic water consumer
    |
0025|     association water system in Solano in Harding county.
    |
0001|          Section 5.  EMERGENCY.--It is necessary for the public
    |
0002|     peace, health and safety that this act take effect immediately.
    |
0003|                            - 4 -
    |