0001|                           SENATE BILL 844
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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|                            PHIL A GRIEGO
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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 OUTLAY PROJECTS FOR THE CITY OF
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0013|     MORIARTY IN TORRANCE COUNTY; MAKING APPROPRIATIONS; DECLARING
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0014|     AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0018|     APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 through 4 of
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0023|     this act.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  Proceeds from the sale of
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0006|     the bonds are appropriated for the purposes specified in
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0007|     Sections 2 through 4 of this act.
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0008|               B.  The agencies named in Sections 2 through 4 of
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0009|     this act shall certify to the state board of finance when the
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0010|     money from the proceeds of the severance tax bonds authorized
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0011|     in this section is needed for the purposes specified in the
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0012|     applicable section of this act.
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0013|               C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this act shall be void.
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0016|               D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 through 4
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0019|     of this act at the end of fiscal year 2000 shall revert to the
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0020|     severance tax bonding fund.
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0021|          Section 2.  SEVERANCE TAX BONDS--DEPARTMENT OF
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0022|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0023|     of this act, upon certification by the department of
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0024|     environment that the need exists for the issuance of the bonds,
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0025|     eight hundred fifty thousand eighty dollars ($850,080) is
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0001|     appropriated to the department of environment to continue the
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0002|     wastewater treatment facility expansion project, including
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0003|     construction of a distribution discharge facility and boring
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0004|     under interstate 40 in the city of Moriarty in Torrance county.
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0005|          Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0006|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0007|     1 of this act, upon certification by the local government
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0008|     division of the department of finance and administration that
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0009|     the need exists for the issuance of the bonds, one million two
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0010|     hundred eighty thousand dollars ($1,280,000) is appropriated to
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0011|     the local government division of the department of finance and
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0012|     administration for the purpose of designing, constructing,
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0013|     furnishing and equipping of a joint fire and police facility in
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0014|     the city of Moriarty located in Torrance county.
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0015|          Section 4.  SEVERANCE TAX BONDS--STATE ENGINEER--PURPOSE.-
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0016|     -Pursuant to the provisions of Section 1 of this act, upon
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0017|     certification by the state engineer that the need exists for
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0018|     the issuance of the bonds, two hundred thousand dollars
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0019|     ($200,000) is appropriated to the state engineer for the
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0020|     purpose of purchasing water rights for the city of Moriarty
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0021|     located in Torrance county.
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0022|          Section 5 .  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                                  
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