0001|                           HOUSE BILL 1224
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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|                           EARLENE ROBERTS
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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 HOUSE DISTRICT
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0013|     66; 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 through 4 of
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0022|     this act.  The state board of finance shall schedule the
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0023|     issuance and sale of the bonds in the most expeditious and
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0024|     economical manner possible upon a finding by the board that the
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0025|     project has been developed sufficiently to justify the issuance
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0001|     and that the project can proceed to contract within a
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0002|     reasonable time.  The state board of finance shall further take
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0003|     the appropriate steps necessary to comply with the Internal
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0004|     Revenue Code of 1986, as amended.  Proceeds from the sale of
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0005|     the bonds are appropriated for the purposes specified in
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0006|     Sections 2 through 4 of this act.
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0007|               B.  The agencies named in Sections 2 through 4 of
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0008|     this act shall certify to the state board of finance when the
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0009|     money from the proceeds of the severance tax bonds authorized
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0010|     in this section is needed for the purposes specified in the
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0011|     applicable 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 through 4
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0018|     of 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--STATE AGENCY ON
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0021|     AGING--PURPOSE.--Pursuant to the provisions of Section 1 of
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0022|     this act, upon certification by the state agency on aging that
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0023|     the need exists for the issuance of the bonds, eight thousand
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0024|     eight hundred dollars ($8,800) is appropriated to the state
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0025|     agency on aging for the purpose of installing a new metal roof
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0001|     on the senior citizen center in the village of Floyd in
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0002|     Roosevelt county.
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0003|          Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0004|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0005|     1 of this act, upon certification by the local government
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0006|     division of the department of finance and administration that
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0007|     the need exists for the issuance of the bonds, four hundred
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0008|     thousand dollars ($400,000) is appropriated to the local
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0009|     government division for the purpose of constructing additions
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0010|     and renovating an activity and senior citizen recreation center
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0011|     in the city of Lovington located in Lea county.  The
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0012|     certification and issuance of the bonds is contingent upon
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0013|     seven hundred ten thousand dollars ($710,000) from a private
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0014|     source.
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0015|          Section 4.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0016|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0017|     of Section 1 of this act, upon certification by the state
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0018|     highway and transportation department that the need exists for
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0019|     the issuance of the bonds, four hundred thousand dollars
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0020|     ($400,000) is appropriated to the state highway and
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0021|     transportation department for the purpose of improving city
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0022|     streets in Lovington located in Lea county.
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0023|          Section 5.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                  
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