0001| SENATE BILL 383 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| TIMOTHY Z. JENNINGS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR VARIOUS PUBLIC IMPROVEMENTS IN THE CITY | 0014| OF ROSWELL IN CHAVES COUNTY; MAKING APPROPRIATIONS; DECLARING AN | 0015| EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0019| APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax Bonding | 0022| Act in an amount not to exceed the total of the amounts | 0023| authorized for purposes specified in Sections 2 and 3 of this | 0024| act. The state board of finance shall schedule the issuance and | 0025| sale of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. Proceeds from the sale of the bonds are appropriated | 0007| for the purposes specified in Sections 2 and 3 of this act. | 0008| B. The agencies named in Sections 2 and 3 of this | 0009| act shall certify to the state board of finance when the money | 0010| from the proceeds of the severance tax bonds authorized in this | 0011| section is needed for the purposes specified in the applicable | 0012| 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 and 3 of | 0019| 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 HIGHWAY AND | 0022| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions | 0023| of Section 1 of this act, upon certification by the state | 0024| highway and transportation department that the need exists for | 0025| the issuance of the bonds, one million dollars ($1,000,000) is | 0001| appropriated to the state highway and transportation department | 0002| for the purpose of making street and drainage improvements as | 0003| part of the north Atkinson avenue reconstruction and storm drain | 0004| project in the city of Roswell in Chaves county. | 0005| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0006| ADMINISTRATION--PURPOSES.--Pursuant to provisions of Section 1 | 0007| of this act, upon certification by the local government division | 0008| of the department of finance and administration that the need | 0009| exists for the issuance of the bonds, the following amounts are | 0010| appropriated to the local government division of the department | 0011| of finance and administration for the following purposes: | 0012| A. two hundred six thousand dollars ($206,000) for | 0013| improvements to various municipal buildings and facilities for | 0014| compliance with the federal Americans with Disabilities Act of | 0015| 1990 in the city of Roswell in Chaves county; | 0016| B. three hundred fifty thousand dollars ($350,000) | 0017| for an athletic field complex at the old municipal airport, to | 0018| include playing fields for soccer and other sports and | 0019| activities, in the city of Roswell in Chaves county; and | 0020| C. three hundred fifty thousand dollars ($350,000) | 0021| to plan, design or construct a park, plaza area and landscaped | 0022| parking lot in the city of Roswell in Chaves county. | 0023| Section 4. EMERGENCY.--It is necessary for the public | 0024| peace, health and safety that this act take effect immediately. | 0025|  | 0001| | 0002| FORTY-SECOND LEGISLATURE | 0003| SECOND SESSION, 1996 | 0004| | 0005| | 0006| JANUARY 29, 1996 | 0007| | 0008| Mr. President: | 0009| | 0010| Your COMMITTEES' COMMITTEE, to whom has been referred | 0011| | 0012| SENATE BILL 383 | 0013| | 0014| has had it under consideration and finds same to be GERMANE, PURSUANT | 0015| TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE | 0016| COMMITTEE. | 0017| | 0018| Respectfully submitted, | 0019| | 0020| | 0021| | 0022| | 0023| __________________________________ | 0024| SENATOR MANNY M. ARAGON, Chairman | 0025| | 0001| | 0002| | 0003| Adopted_______________________ Not Adopted_______________________ | 0004| (Chief Clerk) (Chief Clerk) | 0005| | 0006| | 0007| Date ________________________ | 0008| | 0009| | 0010| | 0011| S0383CC1 |