0001|                        SENATE BILL 677
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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|                          STUART INGLE
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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 CERTAIN IMPROVEMENTS TO THE WATER SUPPLY
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0014|     SYSTEM IN THE VILLAGE OF MELROSE IN CURRY COUNTY; MAKING AN
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0015|     APPROPRIATION; DECLARING AN 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding two hundred thousand dollars
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0022|     ($200,000) when the department of environment certifies the need
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0023|     for the issuance of the bonds.  The state board of finance shall
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0024|     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|     department of environment for the purpose of making needed
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0008|     improvements to the water supply system, including purchase and
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0009|     installation of pipe, in the village of Melrose located in Curry
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0010|     county.  The appropriation shall be divided in the following
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0011|     manner:
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0012|                 (1)  one hundred forty thousand dollars
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0013|     ($140,000) for avenue B near Brownhorn road, west to Wade street
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0014|     and south to avenue A; and
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0015|                 (2)  sixty thousand dollars ($60,000) for the
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0016|     continuation to Brownhorn road near the bypass.
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0017|            B.  Any unexpended or unencumbered balance remaining
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0018|     at the end of fiscal year 1999 shall revert to the severance tax
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0019|     bonding fund.  If the department of environment has not
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0020|     certified the need for the issuance of the bonds by the end of
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0021|     fiscal year 1998, the authorization provided in this section
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0022|     shall be void.
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0023|       Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                      
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0001|   
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0002|                    FORTY-SECOND LEGISLATURE
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0003|                      SECOND SESSION, 1996
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0004|   
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0005|   
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0006|                                              JANUARY 31, 1996
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0007|   
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0008|   Mr. President:
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0009|   
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0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|   
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0012|                           SENATE BILL 677
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0013|   
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0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0016|   COMMITTEE.
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0017|   
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0018|                              Respectfully submitted,
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0019|   
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0020|   
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0021|   
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0022|   
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0023|                              __________________________________
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0024|                              SENATOR MANNY M. ARAGON, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________ Not Adopted_______________________
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0004|             (Chief Clerk)                        (Chief Clerk)
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   
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0011|   S0677CC1
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