0001|                            HOUSE BILL 520
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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|                          M. MICHAEL OLGUIN
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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 SOCORRO COUNTY CAPITAL OUTLAY PROJECTS;
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0013|     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--DEPARTMENT OF FINANCE AND
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0021|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0022|     1 of this act, upon certification by the local government
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0023|     division of the department of finance and administration that
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0024|     the need exists for the issuance of the bonds, two hundred
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0025|     fifty thousand dollars ($250,000) is appropriated to the local
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0001|     government division of the department of finance and
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0002|     administration for the purpose of designing, constructing and
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0003|     equipping a new roof for the bureau of Indian affairs dormitory
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0004|     complex in the village of Magdalena in Socorro county.
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0005|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0006|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0007|     of Section 1 of this act, upon certification by the state
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0008|     highway and transportation department that the need exists for
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0009|     the issuance of the bonds, five hundred thousand dollars
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0010|     ($500,000) is appropriated to the state highway and
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0011|     transportation department for the purpose of paving portions of
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0012|     Hop Canyon road in Socorro county.
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0013|          Section 4.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                              
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