0001| HOUSE BILL 1026 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| LYNDA M. LOVEJOY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO UPGRADE A WATER SYSTEM FOR BLUEWATER IN | 0013| CIBOLA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0018| issue and sell severance tax bonds in compliance with the | 0019| Severance Tax Bonding Act in an amount not exceeding three | 0020| hundred thousand dollars ($300,000) when the department of | 0021| environment certifies the need for the issuance of the bonds. | 0022| The state board of finance shall schedule the issuance and sale | 0023| of the bonds in the most expeditious and economical manner | 0024| possible upon a finding by the board that the project has been | 0025| developed sufficiently to justify the issuance and that the | 0001| project can proceed to contract within a reasonable time. The | 0002| state board of finance shall further take the appropriate steps | 0003| necessary to comply with the Internal Revenue Code of 1986, as | 0004| amended. The proceeds from the sale of the bonds are | 0005| appropriated to the department of environment for the purpose | 0006| of completing phase two of the improvements to the Bluewater | 0007| water system located in Cibola county. Any unexpended or | 0008| unencumbered balance remaining at the end of fiscal year 2000 | 0009| shall revert to the severance tax bonding fund. If the | 0010| department of environment has not certified the need for the | 0011| issuance of the bonds by the end of fiscal year 1999, the | 0012| authorization provided in this section shall be void. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015|  |