0001| HOUSE BILL 782 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RICHARD T. KNOWLES | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR ARTESIA CAPITAL IMPROVEMENTS LOCATED IN | 0013| EDDY COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0017| APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax | 0020| Bonding Act in an amount not to exceed the total of the amounts | 0021| authorized for purposes specified in Sections 2 and 3 of this | 0022| act. The state board of finance shall schedule the issuance | 0023| and sale of the bonds in the most expeditious and economical | 0024| manner possible upon a finding by the board that the project | 0025| has been developed sufficiently to justify the issuance and | 0001| that the project can proceed to contract within a reasonable | 0002| time. The state board of finance shall further take the | 0003| appropriate steps necessary to comply with the Internal Revenue | 0004| Code of 1986, as amended. Proceeds from the sale of the bonds | 0005| are appropriated for the purposes specified in Sections 2 and 3 | 0006| of this act. | 0007| B. The agencies named in Sections 2 and 3 of this | 0008| act shall certify to the state board of finance when the money | 0009| from the proceeds of the severance tax bonds authorized in this | 0010| section is needed for the purposes specified in the applicable | 0011| section of this act. | 0012| C. If the specified agency has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1999, the authorization provided in this act shall be void. | 0015| D. Unless otherwise specified in this act, any | 0016| unexpended or unencumbered balance remaining from the proceeds | 0017| of severance tax bonds issued pursuant to Sections 2 and 3 of | 0018| this act at the end of fiscal year 2000 shall revert to the | 0019| severance tax bonding fund. | 0020| Section 2. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0021| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the | 0022| provisions of Section 1 of this act, upon certification by the | 0023| state highway and transportation department that the need | 0024| exists for the issuance of the bonds, the following amounts are | 0025| appropriated to the state highway and transportation department | 0001| for the following purposes in Eddy county: | 0002| A. four hundred thousand dollars ($400,000) to | 0003| complete the South First street drainage project in Artesia; | 0004| and | 0005| B. one hundred thirty-five thousand dollars | 0006| ($135,000) for Centre street curb, gutter and sidewalk | 0007| improvements in Artesia. | 0008| Section 3. SEVERANCE TAX BONDS--LOCAL GOVERNMENT | 0009| DIVISION--PURPOSES.--Pursuant to the provisions of Section 1 of | 0010| this act, upon certification by the local government division | 0011| of the department of finance and administration that the need | 0012| exists for the issuance of the bounds, the following amounts | 0013| are appropriated to the local government division for the | 0014| following purposes in Eddy county: | 0015| A. one hundred thirty-nine thousand five hundred | 0016| dollars ($139,500) for library automation at the Artesia public | 0017| library; and | 0018| B. one hundred seven thousand dollars ($107,000) to | 0019| construct and equip an addition to the Artesia center. | 0020| Section 4. EMERGENCY.--It is necessary for the public | 0021| peace, health and safety that this act take effect immediately. | 0022|  |