0001|                         HOUSE BILL 99
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                          GARY K. KING
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN MORIARTY IN TORRANCE
    |
0014|     COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|       Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--APPROPRIATION OF PROCEEDS.--
    |
0018|            A.  The state board of finance may issue and sell
    |
0019|     severance tax bonds in compliance with the Severance Tax Bonding
    |
0020|     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 reasonable
    |
0002|     time.  The state board of finance shall further take the
    |
0003|     appropriate steps necessary to comply with the Internal Revenue
    |
0004|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0005|     bonds are appropriated for the purposes specified in Sections 2
    |
0006|     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 in
    |
0010|     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|     1998, 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 1999 shall revert to the
    |
0019|     severance tax bonding fund.
    |
0020|       Section 2.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
    |
0021|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions
    |
0022|     of Section 1 of this act, upon certification by the state
    |
0023|     highway and transportation department that the need exists for
    |
0024|     the issuance of the bonds, the following amounts are
    |
0025|     appropriated to the state highway and transportation department
    |
0001|     for the following purposes:
    |
0002|            A.  two hundred thousand dollars ($200,000) to design
    |
0003|     traffic turn lanes and install a traffic light at the
    |
0004|     intersection of Martinez road and state road 41 in Moriarty in
    |
0005|     Torrance county;
    |
0006|            B.  four hundred sixty thousand dollars ($460,000) to
    |
0007|     design, construct and equip a storm drainage system for the
    |
0008|     Parkwood subdivision in Moriarty in Torrance county; and
    |
0009|            C.  one hundred forty-seven thousand dollars
    |
0010|     ($147,000) to pave and improve taxiways and access roads at the
    |
0011|     Moriarty airport in Torrance county.
    |
0012|       Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF 
    |
0013|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
    |
0014|     of this act, upon certification by the department of environment
    |
0015|     that the need exists for the issuance of the bonds, three
    |
0016|     hundred ninety-four thousand nine hundred dollars ($394,900) is
    |
0017|     appropriated to the department of environment for phase two of
    |
0018|     the Moriarty wastewater treatment plant, including construction
    |
0019|     of a distribution discharge system located in Torrance county.
    |
0020|       Section 4.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
    |
0021|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
    |
0022|     1 of this act, upon certification by the local government
    |
0023|     division of the department of finance and administration that
    |
0024|     the need exists for the issuance of the bonds, one million
    |
0025|     forty-eight thousand dollars ($1,048,000) is appropriated to the
    |
0001|     local government division of the department of finance and
    |
0002|     administration for the purpose of designing, constructing and
    |
0003|     equipping a Moriarty swimming pool and recreational facility
    |
0004|     located in Torrance county.
    |
0005|       Section 5.  EMERGENCY.--It is necessary for the public
    |
0006|     peace, health and safety that this act take effect immediately.
    |
0007|                              
    |