0001|                            HOUSE BILL 561
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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|                             JOE M. STELL
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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 IMPROVEMENTS FOR THE CITY OF
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0013|     ARTESIA LOCATED IN EDDY COUNTY; MAKING APPROPRIATIONS;
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0014|     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
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0021|     Bonding 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
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  Proceeds from the sale of
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0006|     the bonds are appropriated for the purposes specified in
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0007|     Sections 2 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
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0011|     in 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|     1999, 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 2000 shall revert to the
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0020|     severance tax bonding fund.
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0021|          Section 2.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0022|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0023|     provisions of Section 1 of this act, upon certification by the
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0024|     state highway and transportation department that the need
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0025|     exists for the issuance of the bonds, the following amounts are
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0001|     appropriated to the state highway and transportation department
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0002|     for the following purposes:
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0003|               A.  four hundred thousand dollars ($400,000) to
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0004|     complete the south First street drainage project in Artesia in
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0005|     Eddy county; and
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0006|               B.  one hundred thirty-five thousand dollars
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0007|     ($135,000) to install a curb, gutter and sidewalk on Center
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0008|     street in Artesia located in Eddy county.
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0009|          Section 3.   SEVERANCE TAX BONDS--LOCAL GOVERNMENT
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0010|     DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION--
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0011|     PURPOSES.--Pursuant to the provisions of Section 1 of this act,
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0012|     upon certification by the local government division of the
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0013|     department of finance and administration that the need exists
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0014|     for the issuance of the bonds, the following amounts are
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0015|     appropriated to the local government division of the department
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0016|     of finance and administration for the following purposes:
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0017|               A.  one hundred forty thousand dollars ($140,000)
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0018|     for the library automation project at the Artesia public
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0019|     library in Eddy county; and
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0020|               B.  one hundred seven thousand dollars ($107,000) to
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0021|     plan, design and construct an addition for the Artesia
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0022|     community center in Eddy county.
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0023|          Section 4.  SEVERANCE TAX BONDS--DEPARTMENT OF
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0024|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0025|     of this act, upon certification by the department of
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0001|     environment that the need exists for the issuance of the bonds,
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0002|     one hundred thousand dollars ($100,000) is appropriated to the
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0003|     department of environment for the purpose of closing a landfill
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0004|     for the city of Artesia in Eddy county.
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0005|          Section 5.  EMERGENCY.--It is necessary for the public
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0006|     peace, health and safety that this act take effect immediately.
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0007|                              
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