0001| SENATE BILL 454
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| TOM R. BENAVIDES
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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|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS TO EXTEND SEWER AND WATER SYSTEMS WEST OF
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0014| COORS AND GUN CLUB ROADS IN THE SOUTH VALLEY OF ALBUQUERQUE
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0015| LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING
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0016| AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding two hundred thousand
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0022| dollars ($200,000) when the department of environment certifies
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0023| the need for the issuance of the bonds. The state board of
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0024| finance shall schedule the issuance and sale of the bonds in the
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0025| most expeditious and economical manner possible upon a finding
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0001| by the board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| department of environment for the purpose of extending water and
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0008| sewer systems west of Coors and Gun Club roads in the south
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0009| valley of Albuquerque located in Bernalillo county. Any
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0010| unexpended or unencumbered balance remaining at the end of
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0011| fiscal year 1999 shall revert to the severance tax bonding fund.
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0012| If the department of environment has not certified the need for
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0013| the issuance of the bonds by the end of fiscal year 1998, the
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0014| authorization provided in this section shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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0017| - 2 -
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