0001|                            HOUSE BILL 661
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          DEBBIE A. RODELLA
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR VARIOUS WATER SYSTEM IMPROVEMENTS IN
    |
0013|     RIO ARRIBA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0018|     -APPROPRIATION OF PROCEEDS.--
    |
0019|               A.  The state board of finance may issue and sell
    |
0020|     severance tax bonds in compliance with the Severance Tax
    |
0021|     Bonding Act in an amount not exceeding one million five hundred
    |
0022|     sixty-six thousand dollars ($1,566,000) when the department of
    |
0023|     environment certifies the need for the issuance of the bonds. 
    |
0024|     The state board of finance shall schedule the issuance and sale
    |
0025|     of the bonds in the most expeditious and economical manner
    |
0001|     possible upon a finding by the board that the project has been
    |
0002|     developed sufficiently to justify the issuance and that the
    |
0003|     project can proceed to contract within a reasonable time.  The
    |
0004|     state board of finance shall further take the appropriate steps
    |
0005|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0006|     amended.  The proceeds from the sale of the bonds are
    |
0007|     appropriated to the department of environment in the following
    |
0008|     amounts for the following purposes:
    |
0009|                    (1)  two hundred thousand dollars ($200,000) to
    |
0010|     purchase and install water meters, to relocate and drill a new
    |
0011|     well and to build an additional storage tank for the Los Ojos
    |
0012|     mutual domestic water consumers association located in Rio
    |
0013|     Arriba county;
    |
0014|                    (2)  two hundred twenty-five thousand dollars
    |
0015|     ($225,000) to install water meters and design, construct and
    |
0016|     equip water system upgrades for the Barranco mutual domestic
    |
0017|     water consumers association located in Rio Arriba county;
    |
0018|                    (3)  two hundred twenty-five thousand dollars
    |
0019|     ($225,000) to extend and replace water lines and to design,
    |
0020|     construct, install and equip improvements to the water system
    |
0021|     of the Cebolla mutual domestic water consumers association
    |
0022|     located in Rio Arriba county;
    |
0023|                    (4)  one hundred fifty thousand dollars
    |
0024|     ($150,000) to extend and replace water lines and to design,
    |
0025|     construct, install and equip improvements to the water system
    |
0001|     of the Canjilon mutual domestic water consumers association
    |
0002|     located in Rio Arriba county;
    |
0003|                    (5)  two hundred sixty-six thousand dollars
    |
0004|     ($266,000) to purchase and install piping and design, construct
    |
0005|     and equip a well house for the El Rito Canyon water association
    |
0006|     located in Rio Arriba county; and
    |
0007|                    (6)  five hundred thousand dollars ($500,000)
    |
0008|     to continue development of a regional unified water system for
    |
0009|     the Agua Sana water system located in Rio Arriba county.
    |
0010|               B.  If the department of environment has not
    |
0011|     certified the need for the issuance of the bonds by the end of
    |
0012|     fiscal year 1999, the authorization provided in this section
    |
0013|     shall be void.  Any unexpended or unencumbered balance
    |
0014|     remaining from the proceeds of severance tax bonds issued
    |
0015|     pursuant to Subsection A of this section at the end of fiscal
    |
0016|     year 2000 shall revert to the severance tax bonding fund. 
    |
0017|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0018|     peace, health and safety that this act take effect immediately.
    |
0019|                                  
    |