0001|                        SENATE BILL 557
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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|                      TIMOTHY Z. JENNINGS
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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 A LANDFILL CLOSURE AT ARTESIA IN EDDY
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0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018|     and sell severance tax bonds in compliance with the Severance
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0019|     Tax Bonding Act in an amount not exceeding two million dollars
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0020|     ($2,000,000) when the department of environment certifies the
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0021|     need for the issuance of the bonds.  The state board of finance
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0022|     shall schedule the issuance and sale of the bonds in the most
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0023|     expeditious and economical manner possible upon a finding by the
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0024|     board that the project has been developed sufficiently to
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0025|     justify the issuance and that the project can proceed to
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0001|     contract within a reasonable time.  The state board of finance
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0002|     shall further take the appropriate steps necessary to comply
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0003|     with the Internal Revenue Code of 1986, as amended.  The
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0004|     proceeds from the sale of the bonds are appropriated to the
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0005|     department of environment for the purpose of closure of the
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0006|     Artesia landfill located in Eddy county.  Any unexpended or
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0007|     unencumbered balance remaining at the end of fiscal year 1999
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0008|     shall revert to the severance tax bonding fund.  If the
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0009|     department of environment has not certified the need for the
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0010|     issuance of the bonds by the end of fiscal year 1998, the
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0011|     authorization provided in this section shall be void.
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0012|       Section 2.  EMERGENCY.--It is necessary for the public
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0013|     peace, health and safety that this act take effect immediately.
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0014|                                      
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0015|   
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0016|                    FORTY-SECOND LEGISLATURE
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0017|                      SECOND SESSION, 1996
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0018|   
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0019|   
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0020|                                              JANUARY 30, 1996
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0021|   
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0022|   Mr. President:
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0023|   
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0024|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0025|   
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0001|                           SENATE BILL 557
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0002|   
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0003|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0004|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0005|   COMMITTEE.
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0006|   
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0007|                              Respectfully submitted,
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0008|   
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0009|   
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0010|   
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0011|   
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0012|                              __________________________________
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0013|                              SENATOR MANNY M. ARAGON, Chairman 
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0014|   
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0015|   
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0016|   
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0017|   Adopted_______________________ Not Adopted_______________________
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0018|             (Chief Clerk)                        (Chief Clerk)
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0019|   
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0020|   
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0021|                     Date ________________________
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0022|   
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0023|   
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0024|   
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0025|   S0557CC1
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