0001| HOUSE BILL 311 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| EDDIE CORLEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO CONSTRUCT A CONSTRUCTED WETLANDS FOR | 0014| WASTEWATER TREATMENT AT THE PUEBLO OF ZUNI IN MCKINLEY 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 five hundred thousand | 0021| dollars ($500,000) when the department of environment certifies | 0022| the need for the issuance of the bonds. The state board of | 0023| finance shall schedule the issuance and sale of the bonds in the | 0024| most expeditious and economical manner possible upon a finding | 0025| by the 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 constructing a | 0007| constructed wetlands to process wastewater for the pueblo of | 0008| Zuni located in McKinley county. Any unexpended or unencumbered | 0009| balance remaining at the end of fiscal year 1999 shall revert to | 0010| the severance tax bonding fund. If the department of | 0011| environment has not certified the need for the issuance of the | 0012| bonds by the end of fiscal year 1998, the authorization provided | 0013| in this section shall be void. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  | 0017| |