45th legislature - STATE OF NEW MEXICO - second session, 2002

RELATING TO CAPITAL PROJECTS; PROVIDING LEGISLATIVE AUTHORIZATION FOR THE NEW MEXICO FINANCE AUTHORITY TO MAKE A LOAN FOR FORT SUMNER IRRIGATION DISTRICT DEBT REFINANCING FROM THE PUBLIC PROJECT REVOLVING FUND; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. AUTHORIZATION OF PROJECT--VOIDING OF AUTHORIZATION.--

A. Pursuant to the provisions of Section 6-21-6 NMSA 1978, the New Mexico finance authority is authorized to make a loan from the public project revolving fund to the Fort Sumner irrigation district for the refinancing of debt to the federal bureau of reclamation on terms and conditions established by the authority.

B. If the Fort Sumner irrigation district has not certified to the New Mexico finance authority by the end of fiscal year 2005 its desire to continue to pursue a loan from the public project revolving fund for the purpose of this section, the legislative authorization granted to the New Mexico finance authority by this section to make a loan from the public project revolving fund to the Fort Sumner irrigation district for this purpose is void.

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.