0001|                            HOUSE BILL 709
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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|                          DEBBIE A. RODELLA
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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 TO RENOVATE CERTAIN FACILITIES AT THE
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0013|     CUMBRES AND TOLTEC SCENIC RAILROAD LOCATED IN RIO ARRIBA
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0014|     COUNTY; MAKING AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED-
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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 exceeding one hundred eighteen
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0022|     thousand three hundred fourteen dollars ($118,314) when the
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0023|     Cumbres and Toltec scenic railroad commission certifies the
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0024|     need for the issuance of the bonds.  The state board of finance
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0025|     shall schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the

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0008|     Cumbres and Toltec scenic railroad commission in the following
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0009|     amounts for the following purposes:
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0010|                    (1)  forty-eight thousand six hundred thirteen
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0011|     dollars ($48,613) to renovate, in order to comply with the
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0012|     requirements of the federal Americans with Disabilities Act of
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0013|     1990, the Chama engine house at the Cumbres and Toltec scenic
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0014|     railroad located in Rio Arriba county;
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0015|                    (2)  eleven thousand six hundred one dollars
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0016|     ($11,601) to renovate, in order to comply with the requirements
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0017|     of the federal Americans with Disabilities Act of 1990, the
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0018|     Osier facility at the Cumbres and Toltec scenic railroad
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0019|     located in Rio Arriba county; and
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0020|                    (3)  fifty-eight thousand one hundred dollars
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0021|     ($58,100) to renovate, in order to comply with the requirements
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0022|     of the federal Americans with Disabilities Act of 1990, the
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0023|     Antonito depot of the Cumbres and Toltec scenic railroad
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0024|     located in Rio Arriba county.
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0025|               B.  If the Cumbres and Toltec scenic railroad
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0001|     commission has not certified the need for the issuance of the
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0002|     bonds by the end of fiscal year 1999, the authorization
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0003|     provided in this section shall be void.  Any unexpended or
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0004|     unencumbered balance remaining from the proceeds of severance
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0005|     tax bonds issued pursuant to Subsection A of this section at
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0006|     the end of fiscal year 2000 shall revert to the severance tax
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0007|     bonding fund. 
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0008|          Section 2.  EMERGENCY.--It is necessary for the public
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0009|     peace, health and safety that this act take effect immediately.
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0010|                                  
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0011|     
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