0001|                         HOUSE BILL 678
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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|                          GARY K. KING
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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 ESTANCIA IN TORRANCE
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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 DEPARTMENT OF PUBLIC
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0022|     EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of
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0023|     this act, upon certification by the state department of public
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0024|     education that the need exists for the issuance of the
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0025|     bonds, two hundred thousand dollars ($200,000) is appropriated
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0001|     to the state department of public education for the purpose of
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0002|     constructing four additional classrooms at the Estancia
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0003|     elementary school located in Torrance county.
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0004|       Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0005|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0006|     1 of this act, upon certification by the local government
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0007|     division of the department of finance and administration that
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0008|     the need exists for the issuance of the bonds, two hundred
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0009|     thousand dollars ($200,000) is appropriated to the local
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0010|     government division of the department of finance and
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0011|     administration for the purpose of making improvements to the
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0012|     Estancia municipal park located in Torrance county.
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0013|       Section 4.  SEVERANCE TAX BONDS--DEPARTMENT OF
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0014|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0015|     of this act, upon certification by the department of environment
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0016|     that the need exists for the issuance of the bonds, two hundred
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0017|     fifty thousand dollars ($250,000) is appropriated to the
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0018|     department of environment for the purpose of designing,
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0019|     constructing and inspecting water system improvements, including
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0020|     a new water tank, in Estancia located in Torrance county.
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0021|       Section 5.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.
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0023|                              
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0024|                               
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