0001|                           HOUSE BILL 1222
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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|                           SAMUEL F. VIGIL
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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 VARIOUS CAPITAL PROJECTS IN SAN MIGUEL
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0013|     COUNTY; MAKING APPROPRIATIONS; 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--AUTHORIZATIONS--
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0017|     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 an amount not to exceed the total of the amounts
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0021|     authorized for purposes specified in Sections 2 and 3 of this
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0022|     act.  The state board of finance shall schedule the issuance
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0023|     and sale of the bonds in the most expeditious and economical
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0024|     manner possible upon a finding by the board that the project
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0025|     has been developed sufficiently to justify the issuance and
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0001|     that the project can proceed to contract within a reasonable
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0002|     time.  The state board of finance shall further take the
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0003|     appropriate steps necessary to comply with the Internal Revenue
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0004|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0005|     are appropriated for the purposes specified in Sections 2 and 3
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0006|     of this act.
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0007|               B.  The agencies named in Sections 2 and 3 of this
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0008|     act shall certify to the state board of finance when the money
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0009|     from the proceeds of the severance tax bonds authorized in this
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0010|     section is needed for the purposes specified in the applicable
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0011|     section of this act.
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0012|               C.  If the specified agency has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1999, the authorization provided in this act shall be void.
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0015|               D.  Unless otherwise specified in this act, any
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0016|     unexpended or unencumbered balance remaining from the proceeds
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0017|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0018|     this act at the end of fiscal year 2000 shall revert to the
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0019|     severance tax bonding fund.
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0020|          Section 2.  SEVERANCE TAX BONDS-LOCAL GOVERNMENT
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0021|     DIVISION.--PURPOSES.--Pursuant to the provisions of Section 1
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0022|     of this act, upon certification by the local government
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0023|     division of the department of finance and administration that
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0024|     the need exists for the issuance of bonds, the following
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0025|     amounts are appropriated to the division for the following
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0001|     purposes:
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0002|               A.  two million four hundred twenty-two thousand
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0003|     five hundred dollars ($2,422,500) for the purchase of vehicles
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0004|     and purchase and installation of equipment for the San Miguel
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0005|     county volunteer fire department in San Miguel county; and
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0006|               B.  eighty-eight thousand two hundred seventy
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0007|     dollars ($88,270) for the purchase of vehicles and purchase and
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0008|     installation of equipment for the Bernal-Tecolote volunteer
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0009|     fire department in San Miguel county.
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0010|          Section 3.  SEVERANCE TAX BONDS--OFFICE OF THE STATE
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0011|     ENGINEER--PURPOSE.--Pursuant to the provisions of Section 1 of
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0012|     this act, upon certification by the office of the state
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0013|     engineer that the need exists for the issuance of the bonds,
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0014|     forty-eight thousand seven hundred fifty dollars ($48,750) is
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0015|     appropriated to the office of the state engineer for the
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0016|     purpose of building a diversion dam in El Pueblo located in San
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0017|     Miguel county.
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0018|          Section 4.  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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