0001|                           SENATE BILL 665
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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|                          BEN D. ALTAMIRANO
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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 SOCORRO IN
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0013|     SOCORRO 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--DEPARTMENT OF FINANCE AND
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0021|     ADMINISTRATION--PURPOSES.--Pursuant to the provisions of
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0022|     Section 1 of this act, upon certification by the local
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0023|     government division of the department of finance and
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0024|     administration that the need exists for the issuance of the
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0025|     bonds, the following amounts are appropriated to the local
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0001|     government division for the following purposes:
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0002|               A.  ninety-four thousand dollars ($94,000) to
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0003|     complete renovation of the municipal and judicial complex in
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0004|     Socorro in Socorro county; and
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0005|               B.  two hundred fifty thousand dollars ($250,000)
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0006|     for the development and construction of baseball and athletic
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0007|     fields in Socorro in Socorro county.
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0008|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0009|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0010|     provisions of Section 1 of this act, upon certification by the
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0011|     state highway and transportation department that the need
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0012|     exists for the issuance of the bonds, the following amounts are
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0013|     appropriated to the state highway and transportation department
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0014|     for the following purposes:
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0015|               A.  two hundred eighty-nine thousand dollars
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0016|     ($289,000) to improve drainage along Socorro's primary
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0017|     arterial, California street, in Socorro county; and
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0018|               B.  three hundred thousand dollars ($300,000) to
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0019|     repave city streets in Socorro in Socorro county.
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0020|          Section 4.  EMERGENCY.--It is necessary for the public
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0021|     peace, health and safety that this act take effect immediately.
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0022|                              
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