0001|                           SENATE BILL 1023
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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|                              ROD ADAIR
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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 RECONSTRUCTION AND IMPROVEMENTS OF
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0013|     CERTAIN BUILDINGS, STORM DRAIN CONSTRUCTION OF SPECIFIC STREETS
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0014|     AND PARKING AND LANDSCAPING OF A NEW CIVIC CENTER IN THE CITY
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0015|     OF ROSWELL IN CHAVES COUNTY; MAKING APPROPRIATIONS; DECLARING
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0016|     AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0020|     APPROPRIATION OF PROCEEDS.--
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0021|               A.  The state board of finance may issue and sell
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0022|     severance tax bonds in compliance with the Severance Tax
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0023|     Bonding Act in an amount not to exceed the total of the amounts
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0024|     authorized for purposes specified in Sections 2 and 3 of this
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0025|     act.  The state board of finance shall schedule the issuance
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0001|     and sale of the bonds in the most expeditious and economical
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0002|     manner possible upon a finding by the board that the project
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0003|     has been developed sufficiently to justify the issuance and
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0004|     that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0008|     are appropriated for the purposes specified in Sections 2 and 3
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0009|     of this act.
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0010|               B.  The agencies named in Sections 2 and 3 of this
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0011|     act shall certify to the state board of finance when the money
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0012|     from the proceeds of the severance tax bonds authorized in this
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0013|     section is needed for the purposes specified in the applicable
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0014|     section of this act.
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0015|               C.  If the specified agency has not certified the
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0016|     need for the issuance of the bonds by the end of fiscal year
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0017|     1999, the authorization provided in this act shall be void.
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0018|               D.  Unless otherwise specified in this act, any
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0019|     unexpended or unencumbered balance remaining from the proceeds
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0020|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0021|     this act at the end of fiscal year 2000 shall revert to the
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0022|     severance tax bonding fund.
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0023|          Section 2.  SEVERANCE TAX BONDS--LOCAL GOVERNMENT DIVISION
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0024|     OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION--PURPOSES.--
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0025|     Pursuant to the provisions of Section 1 of this act, upon
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0001|     certification by the local government division of the
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0002|     department of finance and administration that the need exists
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0003|     for the issuance of the bonds, the following amounts are
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0004|     appropriated to the local government division of the department
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0005|     of finance and administration for the following purposes:
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0006|               A.  one hundred seventy-five thousand dollars
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0007|     ($175,000) for the final phase of the 400 block of north Main
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0008|     reconstruction in the city of Roswell in Chaves county;
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0009|               B.  two hundred fifty thousand dollars ($250,000)
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0010|     for phase two of remodeling public buildings in the city of
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0011|     Roswell in Chaves county to implement the requirements of the
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0012|     Americans with Disabilities Act of 1990; and
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0013|               C.  two hundred fifty thousand dollars ($250,000)
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0014|     for the development, paving, and landscaping of an expanded
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0015|     parking lot for the new civic center in the city of Roswell in
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0016|     Chaves county.
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0017|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0018|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0019|     provisions of Section 1 of this act, upon certification by the
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0020|     state highway and transportation department that a need exists
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0021|     for the issuance of the following bonds, two hundred fifty
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0022|     thousand dollars ($250,000) is appropriated to the state
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0023|     highway and transportation department for the Atkinson avenue
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0024|     and Mescalero road storm drainage project in the city of
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0025|     Roswell in Chaves county.
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0001|          Section 4.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect immediately.
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0003|                                  
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