0001|                         HOUSE BILL 418
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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|                            MAX COLL
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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 PROJECTS IN SANTA FE COUNTY;
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0014|     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 through 4 of
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0023|     this act.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and 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
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0007|     through 4 of this act.
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0008|            B.  The agencies named in Sections 2 through 4 of
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0009|     this act shall certify to the state board of finance when the
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0010|     money from the proceeds of the severance tax bonds authorized in
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0011|     this section is needed for the purposes specified in the
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0012|     applicable 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|     1998, 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 through 4
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0019|     of this act at the end of fiscal year 1999 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--PURPOSES.--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, the following amounts are
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0001|     appropriated to the state highway and transportation department
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0002|     for the following purposes:
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0003|            A.  one hundred fifty thousand dollars ($150,000) to
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0004|     repave Avenida Vista Grande from United States highway 285 to
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0005|     the railroad tracks in Eldorado located in Santa Fe county;
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0006|            B.  seventy thousand dollars ($70,000) to continue
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0007|     paving county road 67A in Canada de Los Alamos located in Santa
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0008|     Fe county; and
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0009|            C.  one hundred fifty thousand dollars ($150,000) to
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0010|     pave county road 60 from Tezcoco road to Camino Oriente located
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0011|     in Santa Fe county.
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0012|       Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0013|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0014|     1 of this act, upon certification by the local government
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0015|     division of the department of finance and administration that
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0016|     the need exists for the issuance of the bonds, one million nine
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0017|     hundred thousand dollars ($1,900,000) is appropriated to the
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0018|     local government division of the department of finance and
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0019|     administration for the purpose of planning, designing,
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0020|     constructing, equipping and furnishing a school and community
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0021|     center in Eldorado located in Santa Fe county.
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0022|       Section 4.  SEVERANCE TAX BONDS--SANTA FE COMMUNITY
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0023|     COLLEGE--PURPOSE.--Pursuant to the provisions of Section 1 of
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0024|     this act, upon certification by the community college board of
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0025|     Santa Fe community college that the need exists for the issuance
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0001|     of the bonds, three million seven hundred eleven thousand
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0002|     dollars ($3,711,000) is appropriated to the community college
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0003|     board of Santa Fe community college for the purpose of planning,
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0004|     designing, constructing and equipping an instructional
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0005|     technology center at Santa Fe community college located in Santa
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0006|     Fe county.
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0007|       Section 5.  EMERGENCY.--It is necessary for the public
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0008|     peace, health and safety that this act take effect immediately.
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0009|                              
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0010|     
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