0001| SENATE BILL 844 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PHIL A GRIEGO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL OUTLAY PROJECTS FOR THE CITY OF | 0013| MORIARTY IN TORRANCE COUNTY; MAKING APPROPRIATIONS; DECLARING | 0014| 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 | 0021| Bonding 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 | 0003| reasonable time. The state board of finance shall further take | 0004| the appropriate steps necessary to comply with the Internal | 0005| Revenue Code of 1986, as amended. Proceeds from the sale of | 0006| the bonds are appropriated for the purposes specified in | 0007| Sections 2 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 | 0011| in 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| 1999, 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 2000 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF | 0022| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1 | 0023| of this act, upon certification by the department of | 0024| environment that the need exists for the issuance of the bonds, | 0025| eight hundred fifty thousand eighty dollars ($850,080) is | 0001| appropriated to the department of environment to continue the | 0002| wastewater treatment facility expansion project, including | 0003| construction of a distribution discharge facility and boring | 0004| under interstate 40 in the city of Moriarty in Torrance county. | 0005| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0006| ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section | 0007| 1 of this act, upon certification by the local government | 0008| division of the department of finance and administration that | 0009| the need exists for the issuance of the bonds, one million two | 0010| hundred eighty thousand dollars ($1,280,000) is appropriated to | 0011| the local government division of the department of finance and | 0012| administration for the purpose of designing, constructing, | 0013| furnishing and equipping of a joint fire and police facility in | 0014| the city of Moriarty located in Torrance county. | 0015| Section 4. SEVERANCE TAX BONDS--STATE ENGINEER--PURPOSE.- | 0016| -Pursuant to the provisions of Section 1 of this act, upon | 0017| certification by the state engineer that the need exists for | 0018| the issuance of the bonds, two hundred thousand dollars | 0019| ($200,000) is appropriated to the state engineer for the | 0020| purpose of purchasing water rights for the city of Moriarty | 0021| located in Torrance county. | 0022| Section 5 . EMERGENCY.--It is necessary for the public | 0023| peace, health and safety that this act take effect immediately. | 0024|  |