0001| HOUSE BILL 678 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| GARY K. KING | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN ESTANCIA IN TORRANCE | 0014| COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 through 4 of | 0023| this act. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. Proceeds from the sale of the bonds | 0006| are appropriated for the purposes specified in Sections 2 | 0007| through 4 of this act. | 0008| B. The agencies named in Sections 2 through 4 of | 0009| this act shall certify to the state board of finance when the | 0010| money from the proceeds of the severance tax bonds authorized in | 0011| this section is needed for the purposes specified in the | 0012| applicable section of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1998, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| of severance tax bonds issued pursuant to Sections 2 through 4 | 0019| of this act at the end of fiscal year 1999 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--STATE DEPARTMENT OF PUBLIC | 0022| EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of | 0023| this act, upon certification by the state department of public | 0024| education that the need exists for the issuance of the | 0025| bonds, two hundred thousand dollars ($200,000) is appropriated | 0001| to the state department of public education for the purpose of | 0002| constructing four additional classrooms at the Estancia | 0003| elementary school located in Torrance county. | 0004| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0005| ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section | 0006| 1 of this act, upon certification by the local government | 0007| division of the department of finance and administration that | 0008| the need exists for the issuance of the bonds, two hundred | 0009| thousand dollars ($200,000) is appropriated to the local | 0010| government division of the department of finance and | 0011| administration for the purpose of making improvements to the | 0012| Estancia municipal park located in Torrance county. | 0013| Section 4. SEVERANCE TAX BONDS--DEPARTMENT OF | 0014| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1 | 0015| of this act, upon certification by the department of environment | 0016| that the need exists for the issuance of the bonds, two hundred | 0017| fifty thousand dollars ($250,000) is appropriated to the | 0018| department of environment for the purpose of designing, | 0019| constructing and inspecting water system improvements, including | 0020| a new water tank, in Estancia located in Torrance county. | 0021| Section 5. EMERGENCY.--It is necessary for the public | 0022| peace, health and safety that this act take effect immediately. | 0023|  | 0024| |