0001| HOUSE BILL 727
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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| ROBERT S. LIGHT
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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 WATER; AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO
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0013| SATISFY INTERSTATE STREAM COMPACT OBLIGATIONS; AMENDING AND
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0014| ENACTING CERTAIN SECTIONS OF THE NMSA 1978; REPEALING LAWS 1991,
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0015| CHAPTER 99, SECTIONS 2 AND 3.
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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. Section 72-14-9 NMSA 1978 (being Laws 1955,
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0019| Chapter 266, Section 1) is amended to read:
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0020| "72-14-9. DEFINITIONS.--As used in [this act, the
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following words and terms shall have the following meanings]
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0022| Sections 72-14-9 through 72-14-28 NMSA 1978:
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0023| [(a) The word] A. "engineer" [shall mean] or
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0024| "state engineer" means the state engineer [of the state] of
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0025| New Mexico;
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0001| [(b) The word] B. "commission" [shall mean]
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0002| means the New Mexico interstate stream commission or other
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0003| department or agency [which] that may be created and charged
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0004| with the duties and functions of [said] the commission;
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0005| [(c) The word] C. "works" [shall be deemed to
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include] includes all property, rights, easements and
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0007| franchises relating thereto and deemed necessary or convenient
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0008| for their operation and all water rights acquired or exercised
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0009| by the commission in connection with such works, and shall
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0010| embrace all means of conserving and distributing water,
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0011| including, without limiting the generality of the foregoing,
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0012| reservoirs, dams, diversion canals, distributing canals, lateral
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0013| ditches, pumping units, wells, mains, pipelines and waterworks
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0014| systems and shall include all such works for the conservation,
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0015| development, storage, distribution and [utilization] use of
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0016| water, including, without limiting the generality of the
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0017| foregoing, works for the purpose of irrigation, development of
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0018| power, watering of stock, supplying of water for public,
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0019| domestic, industrial and other uses, [and] for fire protection
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0020| and for facilitating compliance with New Mexico's interstate
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0021| obligations;
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0022| [(d) The term] D. "cost of works" [shall
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embrace] includes the cost of construction; the cost of all
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0024| lands, property, rights, easements and franchises acquired
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0025| [which] that are deemed necessary for such construction; the
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0001| cost of all water rights acquired or exercised by the commission
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0002| in connection with such works; the cost of all machinery and
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0003| equipment, financing charges, interest prior to and during
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0004| construction and for a period not exceeding three [(3)] years
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0005| after the completion of construction; the cost of engineering
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0006| and legal expenses, plans, specifications, surveys, estimates of
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0007| cost and other expenses necessary or incident to determining the
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0008| feasibility or [practibility] practicability of any project
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0009| and the administrative [expense] expenses and [such]
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0010| other expenses as may be necessary or incident to the financing
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0011| [herein authorized and the construction] of the works and the
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0012| placing of the same in operation;
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0013| [(e) The word] E. "owner" [shall include]
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0014| includes all individuals, irrigation districts, incorporated
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0015| companies, societies or associations having any title or
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0016| interest in any properties, rights, easements, water rights or
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0017| franchises to be acquired; and
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0018| [(f) The word] F. "project" [shall mean]
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0019| means any one of the works [hereinabove] defined in this
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0020| section or any combination of such works [which] that are
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0021| physically connected or jointly managed and operated as a single
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0022| unit."
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0023| Section 2. Section 72-14-11 NMSA 1978 (being Laws 1955,
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0024| Chapter 266, Section 3) is amended to read:
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0025| "72-14-11. CONSTRUCTION OR IMPLEMENTATION USING REVENUE
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0001| BOND PROCEEDS AUTHORIZED.--
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0002| A. The commission is [hereby] authorized to
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0003| construct or implement, whenever it [shall deem] deems
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0004| such construction or implementation expedient, any works [as
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hereinabove defined], the cost of such construction or
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0006| implementation to be paid wholly by means of or with the
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0007| proceeds of revenue bonds [hereinafter] authorized, or in
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0008| connection with a grant to aid in financing such construction
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0009| or implementation from the United States [of America] or any
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0010| instrumentality or agency thereof, or with other funds provided
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0011| under the authority of [this act] Sections 72-14-9 through
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0012| 72-14-28 NMSA 1978. Before constructing any project, the
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0013| commission shall make estimates of the cost of the project, of
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0014| the cost of maintaining, repairing and operating the [same]
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0015| project and of the revenues to be derived [therefrom] from
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0016| the project, and no such project shall be constructed unless,
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0017| according to [such] the estimates, the revenues to be
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0018| derived [therefrom] will be sufficient to pay the cost of
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0019| maintaining, repairing and operating the [same] project and
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0020| to pay the principal and interest of revenue bonds [which]
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0021| that may be issued for the cost of such project; provided,
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0022| however, that in connection with the issuance of any of [such]
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0023| the bonds, the failure of the commission to make the estimates
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0024| required by this section or to make [same] the estimates in
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0025| proper form shall in no way affect the validity or
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0001| enforceability of any such bonds or of the trust indenture,
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0002| resolution or other security [therefor] for the bonds.
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0003| B. The purpose of [this act] Sections 72-14-9
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0004| through 72-14-28 NMSA 1978 is to meet, so far as possible, a
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0005| statewide need for the conservation and use of water through the
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0006| construction and operation of projects designed for such
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0007| purposes. The commission is [therefor] empowered to make such
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0008| investigations as may be necessary to plan and carry out a
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0009| comprehensive statewide program of water conservation; provided,
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0010| however, that [this Act] those sections shall not be
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0011| construed to repeal or amend by implication or otherwise the
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0012| provisions of law [heretofore] enacted with respect to permits
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0013| for the acquisition of water rights, permits for the change in
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0014| place or method of use of water or permits for the construction
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0015| of works; and provided further that no project shall be
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0016| authorized in an underground water basin not so declared by the
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0017| state engineer unless there has been notice, publication and
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0018| hearing held as provided by law in the case of application to
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0019| appropriate water in declared underground water basins. The
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0020| projects to be finally constructed shall qualify as parts of
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0021| such statewide program and shall be approved by the commission
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0022| upon the showing of their prospective ability to meet, through
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0023| the sale of water or other services, the cost of operation,
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0024| maintenance and repair and the amortization of the cost of the
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0025| construction; provided, however, that the failure of the
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0001| commission to determine such prospective ability of a project
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0002| shall in no way affect the validity or enforceability of any
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0003| such bonds."
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0004| Section 3. Section 72-14-13 NMSA 1978 (being Laws 1955,
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0005| Chapter 266, Section 5, as amended) is amended to read:
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0006| "72-14-13. WATER CONSERVATION REVENUE BONDS AUTHORIZED--
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0007| EXTENT OF STATE OBLIGATION.--
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0008| A. The commission, with the approval of the state
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0009| board of finance, is [hereby] authorized to provide by
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0010| resolution [at one time or from time to time] for the issuance
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0011| of water conservation revenue bonds of the state for the purpose
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0012| of paying the cost, as [hereinabove] defined in Section 72-14-9 NMSA 1978, of any one or more such [public] works, the
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0013| principal and interest of which bonds shall be payable solely
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0014| from the special fund [herein] provided for such payment.
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0015| Such bonds shall mature at such time [or times], not more than
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0016| fifty years from their date, [or dates] as may be fixed by
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0017| [such] the resolution, but may be made redeemable before
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0018| maturity at the option of the state, to be exercised by the
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0019| commission, at such price [or prices] and under such terms and
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0020| conditions as may be fixed by the [board] commission prior
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0021| to the issuance of the bonds. The [board] commission shall
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0022| determine the rate of interest, [such bonds shall bear, not
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exceeding six percent per annum] which shall not be in excess
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0024| of the maximum net effective interest rate permitted by the
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0025| Public Securities Act on the bonds, the time [or times] of
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0001| payment of such interest, the form of the bonds and the interest
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0002| coupons, if any, to be attached thereto, and the manner of
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0003| executing the bonds and coupons, and shall fix the denomination
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0004| [or denominations] of the bonds and the place [or places] of
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0005| payment of principal and interest thereof, which may be at any
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0006| bank or trust company within or without the state.
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0007| B. All bonds issued under [this act] Sections
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0008| 72-14-9 through 72-14-28 NMSA 1978 shall contain [a state-
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ment] statements on their [face] faces that the state
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0010| shall not be obligated to pay the [same] bonds or the
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0011| interest [thereon] on the bonds except from the "special
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0012| sinking fund" hereinafter set forth and any other [moneys]
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0013| money pledged therefor. In case any of the officers whose
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0014| signatures appear on the bonds or coupons [shall] cease to be
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0015| such officers before the delivery of [such] the bonds,
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0016| [such] the signatures shall nevertheless be valid and
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0017| sufficient for all purposes, [the same] as if [they] the
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0018| officers had remained in office until [such] delivery. All
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0019| [such] the bonds [shall be and shall have and] are
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0020| [hereby] declared to have all the qualities and incidents of
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0021| negotiable instruments. [Such] The bonds shall not
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0022| constitute or be a debt, liability or obligation of the state,
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0023| and shall be secured [only] by the revenues of such works and
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0024| the funds received from the sale or disposal of water and from
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0025| the operation, lease, sale or other disposition of the works,
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0001| property and facilities to be acquired out of the proceeds of
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0002| such bonds, and, if so pledged by the commission, from income
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0003| creditable to the permanent reservoirs for irrigation purposes
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0004| income fund.
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0005| C. Provisions may be made for the registration of
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0006| any of the bonds in the name of the owner as to principal alone
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0007| or as to both principal and interest. The bonds authorized
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0008| under the provisions of [this act] Sections 72-14-9 through
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0009| 72-14-28 NMSA 1978 may be issued and sold from time to time to
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0010| any purchaser, including, without limitation, the New Mexico
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0011| finance authority, and in such amounts as may be determined by
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0012| the commission, and the commission may sell the bonds in such
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0013| manner and for such price as it may determine to be for the best
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0014| interests of the state. [The state treasurer is hereby
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authorized to invest the permanent funds of the state in the
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bonds herein authorized.] The proceeds of such bonds shall be
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used solely for the payment of the cost of the works and shall
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be checked out in such manner and under such restrictions, if
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any, as the commission may provide.
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D. If the proceeds of the bonds, by error of
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calculation or otherwise, [shall be] are less than the cost
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0022| of the works, additional bonds may in like manner be issued to
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0023| provide the amount of such deficit and, unless otherwise
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0024| provided in the resolution authorizing the bonds, shall be
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0025| deemed to be of the same issue and shall be entitled to payment
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0001| from the same fund without preference or priority of the bonds
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0002| first issued for the same works. If the proceeds of bonds
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0003| issued for any such works [shall] exceed the cost [thereof]
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0004| of the works, the surplus shall be paid into the fund
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0005| [hereinafter] provided for the payment of principal and
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0006| interest of such bonds. Prior to the preparation of definitive
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0007| bonds, the [board may under like restrictions] commission
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0008| may issue temporary bonds with or without coupons, exchangeable
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0009| for definitive bonds when such bonds have been executed and are
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0010| available for delivery. Such bonds may be issued without any
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0011| other proceedings or the happening of any other conditions or
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0012| things than those proceedings, conditions and things [which]
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0013| that are specified and required by [this act] Sections 72-14-9 through 72-14-28 NMSA 1978 or by the constitution of [the
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state] New Mexico.
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0015| E. Each resolution providing for the issuance of
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0016| bonds shall set forth a project or projects for which the
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0017| bonds are to be issued, and the bonds authorized by each such
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0018| resolution shall constitute a separate series. The bonds of
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0019| each series shall be identified by a series letter [or
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letters] and may be sold and delivered at one time or from time
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0021| to time."
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0022| Section 4. Section 72-14-15 NMSA 1978 (being Laws 1955,
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0023| Chapter 266, Section 7) is amended to read:
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0024| "72-14-15. FUNDS ESTABLISHED.--The commission shall
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0025| create a fund to be known as the "administration fund" and
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0001| shall also create three [(3)] separate funds in respect of the
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0002| bonds of each series: one fund to be known as the "construction
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0003| or acquisition fund, series . . . . . . . . . ."; another fund
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0004| to be known as the "water fund, series . . . . . . . . "; and
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0005| another fund to be known as the "sinking fund, series . . . . . ";
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0006| each [such] fund to be identified by the same series letter
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0007| [or letters] as the bonds of such series. The [moneys]
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0008| money in each [such] fund shall be deposited in such
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0009| depository [or depositories] and secured in such manner as may
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0010| be determined by the [board] commission. It [shall be]
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0011| is lawful for any bank or trust company incorporated under the
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0012| laws of this state or of the United States to act as such
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0013| depository and to furnish such indemnifying bonds or to pledge
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0014| such securities as may be required by the commission. A
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0015| separate account shall be kept in each construction or
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0016| acquisition fund and in each water fund for each project. All
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0017| expenditures not properly chargeable to the construction or
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0018| acquisition fund account or to the water fund account of any
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0019| one project shall be charged by the commission in such
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0020| proportions as it [shall determine] determines to the
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0021| construction or acquisition fund accounts or to the water fund
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0022| accounts, as the case may be, of the projects in respect of
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0023| which such expenditures were incurred."
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0024| Section 5. Section 72-14-16 NMSA 1978 (being Laws 1955,
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0025| Chapter 266, Section 8) is amended to read:
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0001| "72-14-16. BOND PROCEEDS TO BE APPROPRIATELY CREDITED.--The proceeds of the bonds of each series issued under the
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0002| provisions of [this act] Sections 72-14-9 through 72-14-28
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0003| NMSA 1978 shall be placed to the credit of the appropriate
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0004| construction or acquisition fund, which fund shall [at all
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times] be kept segregated and set apart from all other funds.
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0006| There shall also be credited to the appropriate construction or
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0007| acquisition fund all accrued interest upon the bonds and the
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0008| interest received upon the deposits of [moneys] money in
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0009| such fund and [moneys] money received by way of grant from
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0010| the United States or from any other source for the construction
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0011| or acquisition of the works. The [moneys] money in each
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0012| construction or acquisition fund shall be paid out or
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0013| disbursed in such manner as may be determined by the commission,
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0014| subject to the provisions of [this act] those sections, to
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0015| pay the cost of the works [as hereinabove defined]. Any
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0016| surplus [which] that may remain in any construction or
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0017| acquisition fund after providing for the payment of the cost of
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0018| the works shall be added to and become a part of the appropriate
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0019| sinking fund [hereinafter] provided for in Section 72-14-18
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0020| NMSA 1978."
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0021| Section 6. Section 72-14-17 NMSA 1978 (being Laws 1955,
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0022| Chapter 266, Section 9) is amended to read:
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0023| "72-14-17. COMMISSION TO SET PRICES, RATES AND CHARGES--CONTRACTS--DISPOSITION OF PROPERTY.--
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0024| A. The commission is [hereby] authorized [and
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empowered], subject to the provisions of [this act] Sections
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0001| 72-14-9 through 72-14-28 NMSA 1978, to fix and establish the
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0002| prices, rates and charges at which [any and all] the resources
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0003| and facilities made available under the provisions of [this
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act] those sections shall be sold and disposed of; to enter
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0005| into [any and all] contracts and agreements; and to do [any
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and all] things [which] that in its judgment are necessary,
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0007| convenient or expedient for the accomplishment of [any and
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all] the purposes and objects of [this act] those sections,
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0009| under such general regulations and upon such terms, limitations
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0010| and conditions as it shall prescribe [and]. It is [and shall
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be] the duty of the [board] commission to enter into such
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0012| contracts and fix and establish such prices, rates and charges
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0013| so as to provide [at all times] funds [which] that will be
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0014| sufficient to pay [all] costs of operation and maintenance
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0015| [of any and all] of the works authorized by [this act]
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0016| those sections, together with necessary repairs thereto, and
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0017| [which] that will provide [at all times] sufficient funds
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0018| to meet and pay the principal and interest of all bonds as they
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0019| severally become due and payable; provided that nothing
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0020| contained in [this act] Sections 72-14-9 through 72-14-28
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0021| NMSA 1978 shall authorize any change, alteration or revision of
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0022| any such rates, prices or charges as established by any contract
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0023| entered into under authority of [this act] those sections
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0024| except as provided by any such contract.
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0025| B. Every contract made by the commission for the
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0001| sale of water, use of water, water storage or other service or
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0002| for the sale of any property or facilities shall provide that in
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0003| the event of [any] failure or default in the payment of [any
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moneys] money specified in [such] the contract to be paid
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0005| to the commission, the commission may, upon such notice as shall
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0006| be prescribed in [such] the contract, terminate [such]
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0007| the contract and all obligations [thereunder] under it.
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0008| The act of the commission in ceasing on any such default to
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0009| furnish or deliver water, use of water, water storage or other
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0010| service under [such] the contract shall not deprive the
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0011| commission of or limit any remedy provided by [such] the
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0012| contract or by law for the recovery of [any and all moneys]
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0013| money due or [which] that may become due under [such]
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0014| the contract.
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0015| C. The commission is empowered to sell or
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0016| otherwise dispose of any rights of way, easements or property
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0017| when it [shall determine] determines that the same is no
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0018| longer needed for the purposes of [this act] Sections 72-14-9
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0019| through 72-14-28 NMSA 1978, or to lease or rent the same or to
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0020| otherwise take and receive the income or profit and revenue
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0021| therefrom. All income or profit and revenue of the works and
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0022| all [moneys] money received from the sale or disposal of
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0023| water, use of water, water storage or other service and from the
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0024| operation, lease, sale or other disposition of the works,
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0025| property and facilities acquired under the provisions of [this
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act] those sections shall be paid to the credit of the
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0002| appropriate water fund."
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0003| Section 7. A new Section 72-1-2.3 NMSA 1978 is enacted to
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0004| read:
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0005| "72-1-2.3. [NEW MATERIAL] PURCHASE OF WATER RIGHTS
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0006| AUTHORIZED.--The purchase of water rights is authorized, subject
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0007| to the following conditions:
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0008| A. the interstate stream commission shall review the
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0009| expenditure of funds authorized for the purchase of water rights
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0010| at each of the commission's regularly scheduled meetings or as
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0011| it deems necessary. This review shall be based on, at a
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0012| minimum, the conditions set forth in this section;
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0013| B. the interstate stream commission shall only
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0014| purchase water rights authorized by this section subject to the
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0015| following schedule of priorities in the following order of
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0016| importance:
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0017| (1) to purchase water rights, without
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0018| purchasing the appurtenant land, from willing and able sellers
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0019| within the Pecos River basin;
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0020| (2) to purchase water rights with the
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0021| appurtenant land within the Pecos River basin; and
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0022| (3) to purchase water, either surface or
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0023| subsurface, within the Pecos River basin; and
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0024| C. the interstate stream commission shall, before
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0025| any purchases are made, have market evaluations or appraisals
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0001| made that take into consideration recent and comparable sales,
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0002| including but not limited to sales that included surface acreage
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0003| with and without improvements. The market evaluation or
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0004| appraisal along with other relevant considerations shall be the
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0005| basis for any purchase."
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0006| Section 8. REPEAL.--Laws 1991, Chapter 99, Sections 2 and
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0007| 3 are repealed.
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0008| State of New Mexico
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0009| House of Representatives
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0010|
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0011| FORTY-SECOND LEGISLATURE
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0012| SECOND SESSION, 1996
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0013|
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0014|
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0015| February 8, 1996
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0016|
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0017|
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0018| Mr. Speaker:
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0019|
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0020| Your AGRICULTURE AND WATER RESOURCES COMMITTEE,
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0021| to whom has been referred
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0022|
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0023| HOUSE BILL 727
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0024|
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0025| has had it under consideration and reports same with
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0001| recommendation that it DO PASS, amended as follows:
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0002|
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0003| 1. On page 1, line 13, strike "REPEALING" and insert in lieu
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0004| thereof "AMENDING".
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0005|
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0006| 2. On page 1, line 14, strike "SECTIONS 2 AND 3" and insert
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0007| in lieu thereof "SECTION 2".
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0008|
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0009| 3. On page 14, between lines 21 and 22, insert the following
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0010| to read:
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0011|
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0012| "Section 8. Laws 1991, Chapter 99, Section 2 is amended to
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0013| read:
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0014|
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0015| "Section 2. APPROPRIATIONS--CONDITIONS.--
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0016|
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0017| [A. Subject to the conditions set forth in Subsection
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B of this section] The following amounts are appropriated to the
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0019| interstate stream commission as follows:
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0020|
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0021| (1) one million dollars ($1,000,000) is
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0022| appropriated from the New Mexico irrigation works construction
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0023| fund for expenditure in the eighty-first fiscal year for the
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0024| purpose of purchasing water rights along the Pecos River basin
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0025| that would effectively aid the state in complying with the Pecos
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0001| River Compact and the United States supreme court's amended decree
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0002| in Texas v. New Mexico, No. 65 original;
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0003|
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0004| (2) two million dollars ($2,000,000) or fifty
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0005| percent of the New Mexico irrigation works construction fund,
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0006| whichever is more, is appropriated each of the eighty-second
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0007| through the eighty-sixth fiscal years from the New Mexico
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0008| irrigation works construction fund for expenditure in each of the
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0009| eighty-second through the eighty-sixth fiscal years for the
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0010| purpose of retiring water rights along the Pecos River basin that
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0011| would effectively aid New Mexico in compliance with the United
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0012| States supreme court's amended decree in Texas v. New
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0013| Mexico, No. 65 original [and
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B. The appropriations set forth in Subsection A of
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this section are subject to the following conditions:
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(1) the interstate stream commission shall review
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the expenditures of the appropriation made in Subsection A of this
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section, at each of the interstate stream commission's regularly
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scheduled meetings or as it deems necessary throughout the
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seventy-ninth through eighty-sixth fiscal years. This review
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shall be based on, at a minimum, the conditions set forth in this
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section;
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(2) the interstate stream commission shall only
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expend the money appropriated in Subsection A of this section,
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subject to the following schedule of priorities in the following
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order of importance:
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(a) to purchase water rights, without
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purchasing the appurtenant land, from willing and able sellers,
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within the Pecos River basin;
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(b) to purchase water rights with the
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appurtenant land within the Pecos River basin; and
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(c) to purchase water, either surface or
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subsurface, within the Pecos River basin; and
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(3) the interstate stream commission shall before
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any purchases are made using the money appropriated in Subsection
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A of this section have market evaluations or appraisals made that
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take into consideration recent and comparable sales, including but
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not limited to, sales that included surface acreage with and
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without improvements. The market evaluation or appraisal along
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with other relevant considerations shall be the basis for any
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purchases]."".
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0024|
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0025| 4. On page 14, strike lines 22 and 23 in their entirety.,
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0001|
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0002| and thence referred to the TAXATION AND REVENUE
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0003| COMMITTEE.
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0004|
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0005| Respectfully submitted,
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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| G. X. McSherry, Chairman
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0011|
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0012|
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0013| Adopted Not Adopted
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0014|
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0015| (Chief Clerk) (Chief Clerk)
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0016|
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0017| Date
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0018|
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0019| The roll call vote was 5 For 0 Against
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0020| Yes: 5
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0021| Excused: Casey, Porter, Stell, Townsend
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0022| Absent: None
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0023|
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0024|
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0025| .111857.1
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0001| H0727AG1 State of New Mexico
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0002| House of Representatives
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0003|
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0004| FORTY-SECOND LEGISLATURE
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0005| SECOND SESSION, 1996
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0006|
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0007|
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0008| February 12, 1996
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0009|
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0010|
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0011| Mr. Speaker:
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0012|
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0013| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0014| been referred
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0015|
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0016| HOUSE BILL 727, as amended
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0017|
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0018| has had it under consideration and reports same with
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0019| recommendation that it DO PASS, amended as follows:
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0020|
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0021| 1. On page 1, between lines 16 and 17, insert the following
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0022| new sections:
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0023|
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0024| "Section 1. Section 7-27-5 NMSA 1978 (being Laws 1983,
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0025| Chapter 306, Section 7, as amended) is amended to read:
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0001|
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0002| "7-27-5. INVESTMENT OF SEVERANCE TAX PERMANENT FUND.--The
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0003| severance tax permanent fund shall be invested for two general
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0004| purposes, to provide income to the fund and to stimulate the
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0005| economy of New Mexico, preferably on a continuing basis. The
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0006| investments in Sections 7-27-5.1 and 7-27-5.6 NMSA 1978 shall be
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0007| those intended to provide maximum income to the fund and shall be
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0008| referred to as the market rate investments. The investments
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0009| permitted in Sections 7-27-5.3 through 7-27-5.5, [7-27-5.7] 7-27-5.13 through 7-27-5.17, [and 7-27-5.21] 7-27-5.22 and 7-27-5.23 NMSA 1978 shall be those intended to stimulate the economy
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0010| of New Mexico and shall be referred to as the differential rate
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0011| investments. The prudent man rule shall be applied to the market
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0012| rate investments, and the state investment officer shall keep
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0013| separate records of the earnings of the market rate investments.
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0014| All transactions entered into on or after July 1, 1991 shall be
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0015| accounted for in accordance with generally accepted accounting
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0016| principles."
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0017|
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0018| Section 2. A new section of the Severance Tax Bonding Act,
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0019| Section 7-27-5.23 NMSA 1978, is enacted to read:
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0020|
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0021| "7-27-5.23. [NEW MATERIAL] SEVERANCE TAX PERMANENT FUND--INVESTMENT IN OBLIGATIONS ISSUED TO SATISFY INTERSTATE STREAM
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0022| COMPACT OBLIGATIONS.--Subject to the approval of the state
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0023| investment council, the severance tax permanent fund may be
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0024| invested in revenue bonds issued by the interstate stream
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0025| commission or by the New Mexico finance authority on behalf of the
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0001| interstate stream commission to satisfy interstate stream compact
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0002| obligations."".
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0003|
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0004| 3. Renumber the succeeding sections accordingly.
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0005|
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0006| 4. Strike House Agriculture and Water Resources Committee
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0007| Amendment 3.
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0008|
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0009| 5. On page 14, between lines 21 and 22, insert the following
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0010| to read:
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0011|
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0012| "Section 8. Laws 1991, Chapter 99, Section 2, as amended by
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0013| Laws 1993, Chapter 97, Section 1, is amended to read:
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0014|
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0015| "APPROPRIATIONS--CONDITIONS.--
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0016|
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0017| [A. Subject to conditions set forth in Subsection B
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of this section] The following amounts are appropriated to the
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0019| interstate stream commission as follows:
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0020|
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0021| (1) one million dollars ($1,000,000) is
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0022| appropriated from the New Mexico irrigation works construction
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0023| fund for expenditure in the eighty-first fiscal year for the
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0024| purpose of purchasing water rights along the Pecos River basin
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0025| that would effectively aid the state in complying with the Pecos
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0001| River Compact and the United States supreme court's amended decree
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0002| in Texas v. New Mexico, No. 65 original; and
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0003|
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0004| (2) two million dollars ($2,000,000) is
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0005| appropriated from the New Mexico irrigation works construction
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0006| fund in each of the eighty-second through the eighty-sixth fiscal
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0007| years for expenditure in each of the eighty-second through the
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0008| eighty-sixth fiscal years for the purpose of retiring water rights
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0009| along the Pecos River basin that would effectively aid New Mexico
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0010| in compliance with the United States supreme court's amended
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0011| decree in Texas v. New Mexico, No. 65 original.
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0012|
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0013| [B. The appropriations set forth in Subsection A of
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this section are subject to the following conditions:
|
|
(1) the interstate stream commission shall review
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the expenditures of the appropriation made in Subsection A of this
|
section at each of the interstate stream commission's regularly
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scheduled meetings or as it deems necessary throughout the
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seventy-ninth through eighty-sixth fiscal years. This review
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shall be based on, at a minimum, the conditions set forth in this
|
section;
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|
(2) the interstate stream commission shall only
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expend the money appropriated in Subsection A of this section,
|
subject to the following schedule of priorities in the following
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order of importance:
|
|
(a) to purchase water rights, without
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purchasing the appurtenant land, from willing and able sellers,
|
within the Pecos River basin;
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|
(b) to purchase water rights with the
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appurtenant land within the Pecos River basin; and
|
|
(c) to purchase water, either surface or
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subsurface, within the Pecos River basin; and
|
|
(3) the interstate stream commission shall before
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any purchases are made using the money appropriated in Subsection
|
A of this section have market evaluations or appraisals made that
|
take into consideration recent and comparable sales, including but
|
not limited to, sales that included surface acreage with and
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without
|
improvements. The market evaluation or appraisal along with other
|
relevant consideration shall be the basis for any purchase.]"".
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0022|
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0023| Respectfully submitted,
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0024|
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0025|
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0001|
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0002|
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0003|
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0004| Jerry W. Sandal, Chairman
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0005|
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0006|
|
0007| Adopted Not Adopted
|
0008|
|
0009| (Chief Clerk) (Chief Clerk)
|
0010|
|
0011| Date
|
0012|
|
0013| The roll call vote was 8 For 0 Against
|
0014| Yes: 8
|
0015| Excused: None
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0016| Absent: Gallegos, Lovejoy, Lujan, Ryan, Sandoval
|
0017|
|
0018|
|
0019| .112158.1
|
0020| .111992.1
|
0021|
|
0022| H0727TR1
|
0023|
|
0024| FORTY-SECOND LEGISLATURE
|
0025| SECOND SESSION, 1996
|
0001|
|
0002|
|
0003| February 15, 1996
|
0004|
|
0005| Mr. President:
|
0006|
|
0007| Your FINANCE COMMITTEE, to whom has been referred
|
0008|
|
0009| HOUSE BILL 727, as amended
|
0010|
|
0011| has had it under consideration and reports same with
|
0012| recommendation that it DO PASS.
|
0013|
|
0014| Respectfully submitted,
|
0015|
|
0016|
|
0017|
|
0018| __________________________________
|
0019| Ben D. Altamirano, Chairman
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0020|
|
0021|
|
0022|
|
0023| Adopted_______________________ Not Adopted_______________________
|
0024| (Chief Clerk) (Chief Clerk)
|
0025|
|
0001|
|
0002|
|
0003| Date ________________________
|
0004|
|
0005|
|
0006| The roll call vote was 8 For 0 Against
|
0007| Yes: 8
|
0008| No: 0
|
0009| Excused: Aragon, Donisthorpe, Ingle, Macias, Nava
|
0010| Absent: None
|
0011|
|
0012|
|
0013| H0727FC1
|
0014|
|