0001|                            HOUSE BILL 284
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          DONALD L. WHITAKER
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN EUNICE AND JAL IN
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0013|     LEA COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0017|     APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not to exceed the total of the amounts
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0021|     authorized for purposes specified in Sections 2 and 3 of this
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0022|     act.  The state board of finance shall schedule the issuance
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0023|     and sale of the bonds in the most expeditious and economical
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0024|     manner possible upon a finding by the board that the project
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0025|     has been developed sufficiently to justify the issuance and
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0001|     that the project can proceed to contract within a reasonable
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0002|     time.  The state board of finance shall further take the
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0003|     appropriate steps necessary to comply with the Internal Revenue
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0004|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0005|     are appropriated for the purposes specified in Sections 2 and 3
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0006|     of this act.
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0007|               B.  The agencies named in Sections 2 and 3 of this
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0008|     act shall certify to the state board of finance when the money
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0009|     from the proceeds of the severance tax bonds authorized in this
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0010|     section is needed for the purposes specified in the applicable
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0011|     section of this act.
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0012|               C.  If the specified agency has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1999, the authorization provided in this act shall be void.
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0015|               D.  Unless otherwise specified in this act, any
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0016|     unexpended or unencumbered balance remaining from the proceeds
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0017|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0018|     this act at the end of fiscal year 2000 shall revert to the
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0019|     severance tax bonding fund.
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0020|          Section 2.  SEVERANCE TAX BONDS--LOCAL GOVERNMENT
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0021|     DIVISION--PURPOSES.--Pursuant to the provision of Section 1 of
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0022|     this act, upon certification by the local government division
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0023|     of the department of finance and administration that the need
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0024|     exists for the issuance of the bonds, the following amounts are
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0025|     appropriated to the local government division for the following
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0001|     purposes:
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0002|               A.  one hundred twenty thousand dollars ($120,000)
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0003|     to purchase a street sweeper for the town of Jal in Lea county;
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0004|     and
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0005|               B.  one hundred seventy-five thousand dollars
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0006|     ($175,000) for renovation of the city hall in Eunice in Lea
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0007|     county, contingent upon local matching funds of fifty thousand
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0008|     dollars ($50,000).
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0009|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0010|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0011|     provisions of Section 1 of this act, upon certification by the
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0012|     state highway and transportation department that the need
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0013|     exists for the issuance of the bonds, the following amounts are
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0014|     appropriated to the state highway and transportation department
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0015|     for the following purposes:
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0016|               A.  two hundred seventy-nine thousand dollars
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0017|     ($279,000) for street improvements in Eunice in Lea county,
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0018|     contingent upon local matching funds of one hundred thousand
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0019|     dollars ($100,000); and
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0020|               B.  two hundred twenty-eight thousand dollars
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0021|     ($228,000) for street improvements in Jal in Lea county.
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0022|          Section 4.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                                  
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