0001|                         HOUSE BILL 572
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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 J. 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 CERTAIN CAPITAL PROJECTS 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 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--PURPOSE.--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, seventy-five thousand five hundred
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0001|     dollars ($75,500) is appropriated to the state highway and
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0002|     transportation department for the purpose of planning,
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0003|     designing, constructing and purchasing equipment for a
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0004|     replacement bridge across Coyote creek in Coyote located in Rio
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0005|     Arriba county.
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0006|       Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0007|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0008|     1 of this act, upon certification by the local government
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0009|     division of the department of finance and administration that
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0010|     the need exists for the issuance of the bonds, two hundred
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0011|     thousand dollars ($200,000) is appropriated to the local
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0012|     government division of the department of finance and
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0013|     administration for the purpose of completing construction of a
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0014|     booster pump system for the industrial park in Espanola located
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0015|     in Rio Arriba county.
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0016|       Section 4.  SEVERANCE TAX BONDS--NEW MEXICO OFFICE OF
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0017|     INDIAN AFFAIRS--PURPOSE.--Pursuant to the provisions of Section
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0018|     1 of this act, upon certification by the New Mexico office of
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0019|     Indian affairs that the need exists for the issuance of the
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0020|     bonds, two hundred thousand dollars ($200,000) is appropriated
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0021|     to the New Mexico office of Indian affairs for the purpose of
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0022|     purchasing heavy equipment for Santa Clara pueblo located in Rio
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0023|     Arriba county.
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0024|       Section 5.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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