0001|                         HOUSE BILL 612
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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|                           JOE STELL
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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 TO ASSIST THE STATE OF NEW MEXICO IN
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0014|     COMPLYING WITH THE UNITED STATES SUPREME COURT DECREE IN <u>TEXAS</u>
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0015|     <u>V.</u> <u>NEW MEXICO</u>; MAKING AN APPROPRIATION; DECLARING AN
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0016|     EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding two million dollars
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0022|     ($2,000,000) when the interstate stream commission certifies the
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0023|     need for the issuance of the bonds.  The state board of finance
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0024|     shall schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     interstate stream commission for the purpose of acquiring, by
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0008|     purchase or lease, water rights within the Pecos river basin or
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0009|     for other projects acceptable to the interstate stream
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0010|     commission that will most effectively aid the state in complying
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0011|     with the Pecos River Compact and the United States supreme
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0012|     court's amended decree in <u>Texas</u> <u>v.</u> <u>New Mexico</u>, 484 U.S.
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0013|     388 (1988).  Any unexpended or unencumbered balance remaining at
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0014|     the end of fiscal year 1999 shall revert to the severance tax
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0015|     bonding fund.  If the interstate stream commission 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.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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0022|     
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