0001|                            HOUSE BILL 465
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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|                          DEBBIE A. RODELLA
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0005|     
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0006|                                   
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0007|     
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0008|       FOR THE INTEGRATED WATER AND RESOURCE PLANNING COMMITTEE
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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 THE PURCHASE AND STORAGE OF SAN JUAN-
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0013|     CHAMA WATER OR FLOOD WATER BY THE RIO DE CHAMA ACEQUIAS,
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0014|     LOCATED BELOW EL VADO DAM IN RIO ARRIBA 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-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding ninety
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0022|     thousand dollars ($90,000) when the board of regents of New
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0023|     Mexico state university certifies the need for the issuance of
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0024|     the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a
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0004|     reasonable time.  The state board of finance shall further take
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0005|     the appropriate steps necessary to comply with the Internal
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0006|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0007|     of the bonds are appropriated to the board of regents of New
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0008|     Mexico state university for the purpose of purchasing and
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0009|     storing San Juan-Chama water or flood water for the Rio de
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0010|     Chama acequias located below El Vado dam for its use to assist
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0011|     in the economic development of Rio Arriba county.  Any
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0012|     unexpended or unencumbered balance remaining at the end of
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0013|     fiscal year 2000 shall revert to the severance tax bonding
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0014|     fund.  If the board of regents of New Mexico state university
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0015|     has not certified the need for the issuance of the bonds by the
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0016|     end of fiscal year 1999, the authorization provided in this
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0017|     section shall be void.
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0018|          Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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