0001|                         HOUSE BILL 399
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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 FOR CAPITAL IMPROVEMENTS IN RIO ARRIBA
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0014|     COUNTY; MAKING APPROPRIATIONS; 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 Bonding

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0021|     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 and
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0024|     sale of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  Proceeds from the sale of the bonds are appropriated
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0006|     for the purposes specified in Sections 2 and 3 of this act.
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0007|            B.  The agencies named in Sections 2 and 3 of this
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0008|     act shall certify to the state board of finance when the money
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0009|     from the proceeds of the severance tax bonds authorized in this
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0010|     section is needed for the purposes specified in the applicable
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0011|     section of this act.
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0012|            C.  If the specified agency has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1998, the authorization provided in this act shall be void.
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0015|            D.  Unless otherwise specified in this act, any
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0016|     unexpended or unencumbered balance remaining from the proceeds
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0017|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0018|     this act at the end of fiscal year 1999 shall revert to the
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0019|     severance tax bonding fund.
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0020|       Section 2.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0021|     ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section
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0022|     1 of this act, upon certification by the local government
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0023|     division of the department of finance and administration that
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0024|     the need exists for the issuance of the bonds, the following
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0025|     amounts are appropriated to the local government division of the
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0001|     department of finance and administration for the following
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0002|     purposes:
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0003|            A.  one million seventy thousand dollars ($1,070,000)
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0004|     to design, construct, renovate, make improvements to, equip or
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0005|     furnish the courthouse in Tierra Amarilla in Rio Arriba county;
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0006|     and
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0007|            B.  four hundred twenty-one thousand two hundred
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0008|     fifty dollars ($421,250) to acquire rights of way and construct
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0009|     improvements to Arroyo de la Escuela for flood and drainage
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0010|     control in Hernandez in Rio Arriba county.
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0011|       Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0012|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions
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0013|     of Section 1 of this act, upon certification by the state
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0014|     highway and transportation department that the need exists for
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0015|     the issuance of the bonds, the following amounts are
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0016|     appropriated to the state highway and transportation department
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0017|     for the following purposes:
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0018|            A.  two hundred forty-one thousand one hundred
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0019|     dollars ($241,100) to design, construct and make improvements to
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0020|     a low-water crossing structure across Arroyo de los Barranco on
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0021|     county road 126 in lower La Mesilla in Rio Arriba county; and
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0022|            B.  seventy-nine thousand dollars ($79,000) to
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0023|     surface and improve county road 140 in Medanales in Rio Arriba
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0024|     county.
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0025|       Section 4.  EMERGENCY.--It is necessary for the public
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0001|     peace, health and safety that this act take effect immediately.
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