0001| SENATE BILL 700
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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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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 GRANT COUNTY;
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0013| MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0017| APPROPRIATION OF PROCEEDS.--
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0018| A. The state board of finance may issue and sell
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0019| severance tax bonds in compliance with the Severance Tax
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0020| Bonding Act in an amount not to exceed the total of the amounts
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0021| authorized for purposes specified in Sections 2 and 3 of this
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0022| act. The state board of finance shall schedule the issuance
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0023| and sale of the bonds in the most expeditious and economical
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0024| manner possible upon a finding by the board that the project
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0025| has been developed sufficiently to justify the issuance and
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0001| that the project can proceed to contract within a reasonable
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0002| time. The state board of finance shall further take the
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0003| appropriate steps necessary to comply with the Internal Revenue
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0004| Code of 1986, as amended. Proceeds from the sale of the bonds
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0005| are appropriated for the purposes specified in Sections 2 and 3
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0006| of this act.
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0007| B. The agencies named in Sections 2 and 3 of this
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0008| act shall certify to the state board of finance when the money
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0009| from the proceeds of the severance tax bonds authorized in this
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0010| section is needed for the purposes specified in the applicable
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0011| section of this act.
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0012| C. If the specified agency has not certified the
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0013| need for the issuance of the bonds by the end of fiscal year
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0014| 1999, the authorization provided in this act shall be void.
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0015| D. Unless otherwise specified in this act, any
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0016| unexpended or unencumbered balance remaining from the proceeds
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0017| of severance tax bonds issued pursuant to Sections 2 and 3 of
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0018| this act at the end of fiscal year 2000 shall revert to the
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0019| severance tax bonding fund.
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0020| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF
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0021| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0022| of this act, upon certification by the department of
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0023| environment that the need exists for the issuance of the bonds,
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0024| one hundred thousand dollars ($100,000) is appropriated to the
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0025| department of environment for a preliminary study and design
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0001| for a sewer system for the Hanover-Fierro area in Grant county.
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0002| Section 3. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0003| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of
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0004| Section 1 of this act, upon certification by the local
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0005| government division of the department of finance and
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0006| administration that the need exists for the issuance of the
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0007| bonds, the following amounts are appropriated to the local
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0008| government division for the following purposes:
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0009| A. two hundred thousand dollars ($200,000) for an
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0010| emergency medical services substation in Mimbres in Grant
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0011| county; and
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0012| B. one million dollars ($1,000,000) to upgrade the
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0013| existing Grant county detention facility to adequately provide
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0014| for the incarceration of the population of criminals for Grant
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0015| county.
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0016| Section 4. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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0018|
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