0001|                            HOUSE BILL 837
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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|                           LYNDA M. LOVEJOY
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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 THE COMMUNITY OF
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0013|     TORREON-STAR LAKE IN MCKINLEY AND SANDOVAL COUNTIES; MAKING
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0014|     APPROPRIATIONS; 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 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0006|     are appropriated for the purposes specified in Sections 2 and 3
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0007|     of this act.
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0008|               B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     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 and 3 of
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0019|     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--NEW MEXICO OFFICE OF
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0022|     INDIAN AFFAIRS--PURPOSES.--Pursuant to the provisions of
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0023|     Section 1 of this act, upon certification by the New Mexico
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0024|     office of Indian affairs that the need exists for the issuance
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0025|     of the bonds, the following amounts are appropriated to the New
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0001|     Mexico office of Indian affairs for the following purposes for
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0002|     projects in the community of Torreon-Star Lake in McKinley and
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0003|     Sandoval counties:
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0004|               A.  twenty-five thousand dollars ($25,000) for low-
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0005|     income housing electrical wiring; and
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0006|               B.  two hundred fifty thousand dollars ($250,000) to
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0007|     purchase and install a modular building to be used as a chapter
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0008|     house for community purposes.
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0009|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0010|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0011|     of Section 1 of this act, upon certification by the state
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0012|     highway and transportation department that the need exists for
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0013|     the issuance of the bonds, twenty-five thousand dollars
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0014|     ($25,000) is appropriated to the state highway and
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0015|     transportation department for the purpose of purchasing and
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0016|     installing ten cattle guards in the community of Torreon-Star
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0017|     Lake located in McKinley and Sandoval counties.
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0018|          Section 4 .  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                                  
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