0001| HOUSE BILL 1198 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| DEBBIE A. RODELLA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR SANDOVAL COUNTY CAPITAL OUTLAY | 0013| PROJECTS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0017| APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax | 0020| Bonding Act in an amount not to exceed the total of the amounts | 0021| authorized for purposes specified in Sections 2 through 4 of | 0022| this act. The state board of finance shall schedule the | 0023| issuance and sale of the bonds in the most expeditious and | 0024| economical manner possible upon a finding by the board that the | 0025| project has been developed sufficiently to justify the issuance | 0001| and that the project can proceed to contract within a | 0002| reasonable time. The state board of finance shall further take | 0003| the appropriate steps necessary to comply with the Internal | 0004| Revenue Code of 1986, as amended. Proceeds from the sale of | 0005| the bonds are appropriated for the purposes specified in | 0006| Sections 2 through 4 of this act. | 0007| B. The agencies named in Sections 2 through 4 of | 0008| this act shall certify to the state board of finance when the | 0009| money from the proceeds of the severance tax bonds authorized | 0010| in this section is needed for the purposes specified in the | 0011| applicable section of this act. | 0012| C. If the specified agency has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1999, the authorization provided in this act shall be void. | 0015| D. Unless otherwise specified in this act, any | 0016| unexpended or unencumbered balance remaining from the proceeds | 0017| of severance tax bonds issued pursuant to Sections 2 through 4 | 0018| of this act at the end of fiscal year 2000 shall revert to the | 0019| severance tax bonding fund. | 0020| Section 2. SEVERANCE TAX BONDS--STATE DEPARTMENT OF | 0021| PUBLIC EDUCATION--PURPOSE.--Pursuant to the provisions of | 0022| Section 1 of this act, upon certification by the state | 0023| department of public education that the need exists for the | 0024| issuance of the bonds, seventy thousand dollars ($70,000) is | 0025| appropriated to the state department of public education to | 0001| construct an additional classroom for and remodel the | 0002| elementary school in the Cuba independent school district in | 0003| Sandoval county. | 0004| Section 3. SEVERANCE TAX BONDS.--DEPARTMENT OF FINANCE | 0005| AND ADMINISTRATION--PURPOSE.--Pursuant to the provisions of | 0006| Section 1 of this act, upon certification by the local | 0007| government division of the department of finance and | 0008| administration that the need exists for the issuance of the | 0009| bonds, fifty thousand dollars ($50,000) is appropriated to the | 0010| local government division of the department of finance and | 0011| administration to design, construct and equip repairs to La | 0012| Jarra community center in Sandoval county. | 0013| Section 4. SEVERANCE TAX BONDS--DEPARTMENT OF | 0014| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1 | 0015| of this act, upon certification by the department of | 0016| environment that the need exists for the issuance of the bonds, | 0017| five hundred ten thousand dollars ($510,000) is appropriated to | 0018| the department of environment for the purpose of planning, | 0019| designing and constructing the Placitas mutual domestic water | 0020| and sewer association's centralized wastewater collection and | 0021| treatment facility in the community of Placitas located in Rio | 0022| Arriba county. | 0023| Section 5. EMERGENCY.--It is necessary for the public | 0024| peace, health and safety that this act take effect immediately. | 0025|  |