0001|                           SENATE BILL 239
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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|                          BEN D. ALTAMIRANO
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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 STREET, WATER AND BUILDING IMPROVEMENTS
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0013|     IN VARIOUS GRANT COUNTY COMMUNITIES; 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 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--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|     appropropriated to the state highway and transportation
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0002|     department for the following purposes:
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0003|               A.  two hundred sixty thousand dollars ($260,000)
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0004|     for various street improvements to B, North First and Carassco
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0005|     streets in the town of Hurley; and
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0006|               B.  one million dollars ($1,000,000) for various
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0007|     street improvements to South Hutchinson, Stone and New streets,
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0008|     including necessary drainage and sewer improvements and arroyo
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0009|     stabilization, in the village of Santa Clara.
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0010|          Section 3.  SEVERANCE TAX BONDS--LOCAL GOVERNMENT
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0011|     DIVISION--PURPOSES.--Pursuant to the provisions of Section 1 of
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0012|     this act, upon certification by the local government division
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0013|     of the department of finance and administration that the need
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0014|     exists for the issuance of the bonds, the following amounts are
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0015|     appropriated to the local government division for the following
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0016|     purposes:
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0017|               A.  six hundred seventy-five thousand dollars
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0018|     ($675,000) for planning, designing, constructing, equipping,
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0019|     paving and landscaping a public safety building in the city of
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0020|     Bayard; and
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0021|               B.  two hundred forty-six thousand five hundred
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0022|     dollars ($246,500) for various improvements to the drinking
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0023|     water system in the village of Santa Clara, including
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0024|     improvements in the Lone Mountain and Twin Sisters wellfields.
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0025|          Section 4.  EMERGENCY.--It is necessary for the public
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0001|     peace, health and safety that this act take effect immediately.
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