0001| HOUSE BILL 432
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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| DAVID M. PARSONS
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0007|
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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 FOR THE CITY OF ROSWELL
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0014| LOCATED IN CHAVES COUNTY; MAKING APPROPRIATIONS; DECLARING AN
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0015| EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0019| 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 to exceed the total of the amounts
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0023| authorized for purposes specified in Sections 2 and 3 of this
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0024| act. The state board of finance shall schedule the issuance and
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0025| sale of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time. The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006| amended. Proceeds from the sale of the bonds are appropriated
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0007| for the purposes specified in Sections 2 and 3 of this act.
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0008| B. The agencies named in Sections 2 and 3 of this
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0009| act shall certify to the state board of finance when the money
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0010| from the proceeds of the severance tax bonds authorized in this
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0011| section is needed for the purposes specified in the applicable
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0012| 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 and 3 of
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0019| 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 million dollars ($1,000,000) to make
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0004| improvements to and complete phase II of the storm drainage
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0005| system on Mescalero road east of Atkinson avenue in the city of
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0006| Roswell located in Chaves county; and
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0007| B. three hundred ninety thousand dollars ($390,000)
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0008| to complete construction, equip and make improvements to the
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0009| four hundred block of north Main street in the city of Roswell
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0010| located in Chaves county.
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0011| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0012| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section
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0013| 1 of this act, upon certification by the local government
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0014| division of the department of finance and administration that
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0015| the need exists for the issuance of the bonds, the following
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0016| amounts are appropriated to the local government division of the
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0017| department of finance and administration for the following
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0018| purposes:
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0019| A. two hundred six thousand dollars ($206,000) to
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0020| renovate and make improvements to municipal buildings in the
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0021| city of Roswell located in Chaves county in order to comply with
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0022| the federal Americans with Disabilities Act of 1990; and
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0023| B. one hundred seventy thousand dollars ($170,000)
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0024| to complete phase II construction and equipping of the soccer
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0025| complex at the old municipal airport in the city of Roswell
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0001| located in Chaves county.
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0002| Section 4. EMERGENCY.--It is necessary for the public
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0003| peace, health and safety that this act take effect immediately.
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