0001| HOUSE BILL 178 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| RAYMOND G. SANCHEZ | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE CONSTRUCTION OF SEWER PROJECTS IN | 0014| THE NORTH VALLEY OF ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; | 0015| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding six million dollars | 0021| ($6,000,000) when the department of environment certifies the | 0022| need for the issuance of the bonds. The state board of finance | 0023| shall schedule the issuance and sale of the bonds in the most | 0024| expeditious and economical manner possible upon a finding by the | 0025| board that the project has been developed sufficiently to | 0001| justify the issuance and that the project can proceed to | 0002| contract within a reasonable time. The state board of finance | 0003| shall further take the appropriate steps necessary to comply | 0004| with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the | 0006| department of environment for the purpose of continuing | 0007| construction of sewer projects in the north valley of | 0008| Albuquerque located in Bernalillo county. The certification and | 0009| issuance of bonds is contingent upon the city of Albuquerque, | 0010| Bernalillo county and the village of Los Ranchos de Albuquerque | 0011| in Bernalillo county entering into an agreement regarding | 0012| planning, designing and constructing sewer collection and | 0013| treatment facilities in the north valley of Albuquerque. Any | 0014| unexpended or unencumbered balance remaining at the end of | 0015| fiscal year 1999 shall revert to the severance tax bonding fund. | 0016| If the department of environment has not certified the need for | 0017| the issuance of the bonds by the end of fiscal year 1998, the | 0018| authorization provided in this section shall be void. | 0019| Section 2. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  | 0022| | 0023| |