0001|                            HOUSE BILL 858
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          M. MICHAEL OLGUIN
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR VILLAGE OF RESERVE CAPITAL OUTLAY
    |
0013|     PROJECTS IN CATRON COUNTY; MAKING APPROPRIATIONS; DECLARING AN
    |
0014|     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
    |
0022|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1

    |
0023|     of this act, upon certification by the department of
    |
0024|     environment that the need exists for the issuance of the bonds,
    |
0025|     four hundred thousand dollars ($400,000) is appropriated to the
    |
0001|     department of environment to design, construct, purchase and
    |
0002|     equip improvements to the water system of the village of
    |
0003|     Reserve in Catron county.
    |
0004|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
    |
0005|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
    |
0006|     of Section 1 of this act, upon certification by the state
    |
0007|     highway and transportation department that the need exists for
    |
0008|     the issuance of the bonds, fifty-eight thousand three hundred
    |
0009|     thirty-three dollars ($58,333) is appropriated to the state
    |
0010|     highway and transportation department for the purpose of
    |
0011|     designing and constructing improvements to streets, including
    |
0012|     chip sealing, in the village of Reserve located in Catron
    |
0013|     county.
    |
0014|          Section 4.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                              
    |