0001|                         HOUSE BILL 223
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                           FRED LUNA
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR SEWER AND WATER PROJECTS IN BELEN IN
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0014|     VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH 
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0019|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not exceeding eight hundred three thousand
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0023|     dollars ($803,000) when the department of environment certifies
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0024|     the need for the issuance of the bonds.  The state board of
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0025|     finance shall schedule the issuance and sale of the bonds in the
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0001|     most expeditious and economical manner possible upon a finding
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0002|     by the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     department of environment in the following amounts for the
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0009|     following purposes:
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0010|                 (1)  eighty thousand dollars ($80,000) to
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0011|     complete construction of the south Main sewer project; and
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0012|                 (2)  seven hundred twenty-three thousand dollars
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0013|     ($723,000) to extend and construct the northside water and sewer
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0014|     system.
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0015|            B.  If the department of environment has not
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0016|     certified the need for the issuance of the bonds by the end of
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0017|     fiscal year 1998, the authorization provided in this section
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0018|     shall be void.  Any unexpended or unencumbered balance remaining
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0019|     from the proceeds of severance tax bonds issued pursuant to
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0020|     Subsection A of this section at the end of fiscal year 1999
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0021|     shall revert to the severance tax bonding fund. 
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0022|       Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                              
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