0001|                         HOUSE BILL 162
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                       DEBBIE A. RODELLA
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO RENOVATE CERTAIN FACILITIES AND INSTALL A
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0014|     WASTEWATER SEPARATION SYSTEM AT THE CUMBRES AND TOLTEC SCENIC
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0015|     RAILROAD LOCATED IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not exceeding one hundred seven thousand two
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0023|     hundred sixty dollars ($107,260) when the Cumbres and Toltec
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0024|     scenic railroad commission certifies the need for the issuance
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0025|     of the bonds.  The state board of finance shall schedule the
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0001|     issuance and sale of the bonds in the most expeditious and
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0002|     economical manner possible upon a finding by the board that the
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0003|     project has been developed sufficiently to justify the issuance
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0004|     and that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  The proceeds from the sale of the
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0008|     bonds are appropriated to the Cumbres and Toltec scenic railroad
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0009|     commission in the following amounts for the following purposes:
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0010|                 (1)  twenty-five thousand five hundred dollars
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0011|     ($25,500) to install a wastewater separation system at the Chama
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0012|     engine house at the Cumbres and Toltec scenic railroad located
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0013|     in Rio Arriba county;
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0014|                 (2)  twenty-three thousand six hundred sixty
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0015|     dollars ($23,660) to perform the first phase of the renovation
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0016|     of the Chama depot at the Cumbres and Toltec scenic railroad
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0017|     located in Rio Arriba county; and
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0018|                 (3)  fifty-eight thousand one hundred dollars
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0019|     ($58,100) to renovate, in order to comply with the federal
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0020|     Americans with Disabilities Act of 1990, the Antonito depot of
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0021|     the Cumbres and Toltec scenic railroad located in Rio Arriba
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0022|     county.
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0023|            B.  If the Cumbres and Toltec scenic railroad
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0024|     commission has not certified the need for the issuance of the
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0025|     bonds by the end of fiscal year 1998, the authorization provided
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0001|     in this section shall be void.  
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0002|            C.  Any unexpended or unencumbered balance remaining
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0003|     from the proceeds of severance tax bonds issued pursuant to
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0004|     Subsection A of this section at the end of fiscal year 1999
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0005|     shall revert to the severance tax bonding fund. 
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0006|       Section 2.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect immediately.
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0008|                              
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