0001| HOUSE BILL 424
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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| W.C. "DUB" WILLIAMS
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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 MUNICIPAL PROJECTS IN LINCOLN 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--DEPARTMENT OF
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0022| ENVIRONMENT--PURPOSES.--Pursuant to the provisions of Section 1
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0023| of this act, upon certification by the department of environment
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0024| that the need exists for the issuance of the bonds, the
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0025| following amounts are appropriated to the department of
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0001| environment for the following purposes:
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0002| A. five hundred thirty-four thousand two hundred
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0003| twenty dollars ($534,220) for sewer line extension and
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0004| improvements in the Las Lomas subdivision in the village of
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0005| Ruidoso Downs in Lincoln county;
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0006| B. five hundred thousand dollars ($500,000) for
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0007| water distribution system improvements in the village of Ruidoso
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0008| in Lincoln county;
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0009| C. five hundred thousand dollars ($500,000) for
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0010| waste-water collection system improvements in the village of
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0011| Ruidoso in Lincoln county;
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0012| D. five hundred thousand dollars ($500,000) for
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0013| water system improvements and storage for the village of Capitan
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0014| in Lincoln county;
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0015| E. four hundred ninety-seven thousand six hundred
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0016| ninety-five dollars ($497,695) for water system improvements in
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0017| the village of Corona in Lincoln county; and
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0018| F. five hundred thousand dollars ($500,000) for
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0019| water filtration plant improvements in the town of Carrizozo in
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0020| Lincoln county.
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0021| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0022| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section
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0023| 1 of this act, upon certification by the local government
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0024| division of the department of finance and administration that
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0025| the need exists for the issuance of the bonds, the following
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0001| amounts are appropriated to the local government division of the
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0002| department of finance and administration for the following
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0003| purposes:
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0004| A. five hundred thousand dollars ($500,000) to plan
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0005| and design a recreation center for the village of Ruidoso in
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0006| Lincoln county;
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0007| B. two hundred thousand dollars ($200,000) to
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0008| design, construct and equip a community meeting room addition to
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0009| the village hall in the village of Capitan in Lincoln county;
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0010| C. two hundred two thousand dollars ($202,000) for
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0011| renovation of and improvements to the village hall in the
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0012| village of Corona in Lincoln county; and
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0013| D. two hundred fifty thousand dollars ($250,000) for
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0014| fire truck acquisition in the town of Carrizozo in Lincoln
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0015| county.
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0016| Section 4. SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0017| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions
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0018| of Section 1 of this act, upon certification by the state
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0019| highway and transportation department that the need exists for
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0020| the issuance of bonds, the following amounts are appropriated to
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0021| the state highway and transportation department for the
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0022| following purposes:
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0023| A. thirteen thousand dollars ($13,000) for street
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0024| maintenance in the village of Corona in Lincoln county;
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0025| B. twenty thousand dollars ($20,000) for airport
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0001| improvements in the town of Carrizozo in Lincoln county; and
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0002| C. two hundred thousand dollars ($200,000) for
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0003| street improvements in the town of Carrizozo in Lincoln county.
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0004| Section 5. EMERGENCY.--It is necessary for the public
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0005| peace, health and safety that this act take effect immediately.
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