0001| HOUSE BILL 424 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| W.C. "DUB" WILLIAMS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR MUNICIPAL PROJECTS IN LINCOLN COUNTY; | 0014| MAKING APPROPRIATIONS; DECLARING AN 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 Bonding | 0021| Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 through 4 of | 0023| this act. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and 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 | 0007| through 4 of this act. | 0008| B. The agencies named in Sections 2 through 4 of | 0009| this act shall certify to the state board of finance when the | 0010| money from the proceeds of the severance tax bonds authorized in | 0011| this section is needed for the purposes specified in the | 0012| applicable 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| 1998, 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 through 4 | 0019| of this act at the end of fiscal year 1999 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF | 0022| ENVIRONMENT--PURPOSES.--Pursuant to the provisions of Section 1 | 0023| of this act, upon certification by the department of environment | 0024| that the need exists for the issuance of the bonds, the | 0025| following amounts are appropriated to the department of | 0001| environment for the following purposes: | 0002| A. five hundred thirty-four thousand two hundred | 0003| twenty dollars ($534,220) for sewer line extension and | 0004| improvements in the Las Lomas subdivision in the village of | 0005| Ruidoso Downs in Lincoln county; | 0006| B. five hundred thousand dollars ($500,000) for | 0007| water distribution system improvements in the village of Ruidoso | 0008| in Lincoln county; | 0009| C. five hundred thousand dollars ($500,000) for | 0010| waste-water collection system improvements in the village of | 0011| Ruidoso in Lincoln county; | 0012| D. five hundred thousand dollars ($500,000) for | 0013| water system improvements and storage for the village of Capitan | 0014| in Lincoln county; | 0015| E. four hundred ninety-seven thousand six hundred | 0016| ninety-five dollars ($497,695) for water system improvements in | 0017| the village of Corona in Lincoln county; and | 0018| F. five hundred thousand dollars ($500,000) for | 0019| water filtration plant improvements in the town of Carrizozo in | 0020| Lincoln county. | 0021| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0022| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section | 0023| 1 of this act, upon certification by the local government | 0024| division of the department of finance and administration that | 0025| the need exists for the issuance of the bonds, the following | 0001| amounts are appropriated to the local government division of the | 0002| department of finance and administration for the following | 0003| purposes: | 0004| A. five hundred thousand dollars ($500,000) to plan | 0005| and design a recreation center for the village of Ruidoso in | 0006| Lincoln county; | 0007| B. two hundred thousand dollars ($200,000) to | 0008| design, construct and equip a community meeting room addition to | 0009| the village hall in the village of Capitan in Lincoln county; | 0010| C. two hundred two thousand dollars ($202,000) for | 0011| renovation of and improvements to the village hall in the | 0012| village of Corona in Lincoln county; and | 0013| D. two hundred fifty thousand dollars ($250,000) for | 0014| fire truck acquisition in the town of Carrizozo in Lincoln | 0015| county. | 0016| Section 4. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0017| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions | 0018| of Section 1 of this act, upon certification by the state | 0019| highway and transportation department that the need exists for | 0020| the issuance of bonds, the following amounts are appropriated to | 0021| the state highway and transportation department for the | 0022| following purposes: | 0023| A. thirteen thousand dollars ($13,000) for street | 0024| maintenance in the village of Corona in Lincoln county; | 0025| B. twenty thousand dollars ($20,000) for airport | 0001| improvements in the town of Carrizozo in Lincoln county; and | 0002| C. two hundred thousand dollars ($200,000) for | 0003| street improvements in the town of Carrizozo in Lincoln county. | 0004| Section 5. EMERGENCY.--It is necessary for the public | 0005| peace, health and safety that this act take effect immediately. | 0006|  | 0007| |