0001|                           SENATE BILL 1075
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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|                              JOHN PINTO
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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 VARIOUS PROJECTS IN THE CHURCH ROCK
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0013|     CHAPTER AREA IN MCKINLEY COUNTY; MAKING APPROPRIATIONS;
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0014|     DECLARING 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 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0006|     are appropriated for the purposes specified in Sections 2 and 3
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0007|     of this act.
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0008|               B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     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 and 3 of
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0019|     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--STATE HIGHWAY AND
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0022|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0023|     of Section 1 of this act, upon certification by the state
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0024|     highway and transportation department that the need exists for
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0025|     the issuance of the bonds, two hundred thousand dollars
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0001|     ($200,000) is appropriated to the department for the purpose of
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0002|     making improvements, including archaeological clearance and
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0003|     environmental assessments, to four and nine-tenths miles of
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0004|     county road 43 in the Church Rock area of McKinley county.
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0005|          Section 3.  SEVERANCE TAX BONDS--STATE AGENCY ON AGING--
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0006|     PURPOSE.--Pursuant to the provisions of Section 1 of this act,
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0007|     when the state agency on aging certifies that the need exists
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0008|     for the issuance of the bonds, four hundred fifty thousand
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0009|     dollars ($450,000) is appropriated to the state agency on aging
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0010|     for the purpose of planning, designing, constructing and
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0011|     equipping a new senior citizen center in the Church Rock area
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0012|     of McKinley county.
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0013|          Section 4.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                              
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