0001| SENATE BILL 296 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR WATER SYSTEM IMPROVEMENTS IN PUERTO DE | 0013| LUNA IN GUADALUPE 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.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding three | 0021| hundred ninety-seven thousand dollars ($397,000) when the | 0022| department of environment certifies the need for the issuance | 0023| of the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a | 0003| reasonable time. The state board of finance shall further take | 0004| the appropriate steps necessary to comply with the Internal | 0005| Revenue Code of 1986, as amended. The proceeds from the sale | 0006| of the bonds are appropriated to the department of environment | 0007| for the purpose of water system improvements, including | 0008| replacing water lines, in Puerto de Luna located in Guadalupe | 0009| county. Any unexpended or unencumbered balance remaining at | 0010| the end of fiscal year 2000 shall revert to the severance tax | 0011| bonding fund. If the department of environment has not | 0012| certified the need for the issuance of the bonds by the end of | 0013| fiscal year 1999, the authorization provided in this section | 0014| shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |