0001| HOUSE BILL 1222 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| SAMUEL F. VIGIL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR VARIOUS CAPITAL PROJECTS IN SAN MIGUEL | 0013| 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-LOCAL GOVERNMENT | 0021| DIVISION.--PURPOSES.--Pursuant to the provisions of Section 1 | 0022| of this act, upon certification by the local government | 0023| division of the department of finance and administration that | 0024| the need exists for the issuance of bonds, the following | 0025| amounts are appropriated to the division for the following | 0001| purposes: | 0002| A. two million four hundred twenty-two thousand | 0003| five hundred dollars ($2,422,500) for the purchase of vehicles | 0004| and purchase and installation of equipment for the San Miguel | 0005| county volunteer fire department in San Miguel county; and | 0006| B. eighty-eight thousand two hundred seventy | 0007| dollars ($88,270) for the purchase of vehicles and purchase and | 0008| installation of equipment for the Bernal-Tecolote volunteer | 0009| fire department in San Miguel county. | 0010| Section 3. SEVERANCE TAX BONDS--OFFICE OF THE STATE | 0011| ENGINEER--PURPOSE.--Pursuant to the provisions of Section 1 of | 0012| this act, upon certification by the office of the state | 0013| engineer that the need exists for the issuance of the bonds, | 0014| forty-eight thousand seven hundred fifty dollars ($48,750) is | 0015| appropriated to the office of the state engineer for the | 0016| purpose of building a diversion dam in El Pueblo located in San | 0017| Miguel county. | 0018| Section 4. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  |