0001| HOUSE BILL 698
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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| TERRY T. MARQUARDT
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0005|
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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| AN ACT
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0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012| SEVERANCE TAX BONDS TO IMPROVE THE WATER AND SEWER SYSTEM IN
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0013| THE VILLAGE OF CLOUDCROFT IN OTERO COUNTY; MAKING AN
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0014| APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding two
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0021| hundred fifty thousand dollars ($250,000) when the department
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0022| of environment certifies the need for the issuance of the
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0023| bonds. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project
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0001| has been developed sufficiently to justify the issuance and
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0002| that the project can proceed to contract within a reasonable
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0003| time. The state board of finance shall further take the
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0004| appropriate steps necessary to comply with the Internal Revenue
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0005| Code of 1986, as amended. The proceeds from the sale of the
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0006| bonds are appropriated to the department of environment for the
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0007| purpose of improving the water and sewer system in the village
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0008| of Cloudcroft located in Otero county. Any unexpended or
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0009| unencumbered balance remaining at the end of fiscal year 2000
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0010| shall revert to the severance tax bonding fund. If the
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0011| department of environment has not certified the need for the
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0012| issuance of the bonds by the end of fiscal year 1999, the
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0013| authorization provided in this section shall be void.
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0014| Section 2. EMERGENCY.--It is necessary for the public
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0015| peace, health and safety that this act take effect immediately.
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