0001|                            HOUSE BILL 419
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                         W. C. "DUB" WILLIAMS
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR ENGINEERING STUDIES AND FOR DRILLING,
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0013|     PURCHASING, EQUIPPING, REPLACING AND IMPROVING THE LINCOLN
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0014|     MUTUAL DOMESTIC WATER AND SEWAGE ASSOCIATION WATER SYSTEM IN
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0015|     LINCOLN COUNTY; 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-
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0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021|     issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding two
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0023|     hundred sixty-five thousand dollars ($265,000) when the local
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0024|     government division of the department of finance and
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0025|     administration certifies the need for the issuance of the
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0001|     bonds.  The state board of finance shall schedule the issuance
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0002|     and sale of the bonds in the most expeditious and economical
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0003|     manner possible upon a finding by the board that the project
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0004|     has been developed sufficiently to justify the issuance and
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0005|     that the project can proceed to contract within a reasonable
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0006|     time.  The state board of finance shall further take the
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0007|     appropriate steps necessary to comply with the Internal Revenue
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0008|     Code of 1986, as amended.  The proceeds from the sale of the
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0009|     bonds are appropriated to the local government division of the
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0010|     department of finance and administration for the purpose of
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0011|     surveying a well location, drilling and equipping wells,
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0012|     purchasing and replacing storage tanks and valves and for
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0013|     engineering and other studies to improve the Lincoln mutual
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0014|     domestic water and sewage association water system located in
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0015|     Lincoln county.  Any unexpended or unencumbered balance
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0016|     remaining at the end of fiscal year 2000 shall revert to the
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0017|     severance tax bonding fund.  If the local government division
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0018|     of the department of finance and administration has not
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0019|     certified the need for the issuance of the bonds by the end of
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0020|     fiscal year 1999, the authorization provided in this section
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0021|     shall be void.
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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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