0001| HOUSE BILL 844 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| G. X. MCSHERRY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO PROVIDE FORTY-FIVE PERCENT OF PROJECT | 0013| COSTS TO MATCH FEDERAL FUNDS FOR THE DESIGN, DEVELOPMENT, | 0014| CONSTRUCTION AND EQUIPPING OF A WASTEWATER PROJECT IN DONA ANA | 0015| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding one | 0022| million three hundred thousand dollars ($1,300,000) when the | 0023| department of environment certifies the need for the issuance | 0024| of the bonds. The state board of finance shall schedule the | 0025| issuance and sale of the bonds in the most expeditious and | 0001| economical manner possible upon a finding by the board that the | 0002| project has been developed sufficiently to justify the issuance | 0003| and that the project can proceed to contract within a | 0004| reasonable time. The state board of finance shall further take | 0005| the appropriate steps necessary to comply with the Internal | 0006| Revenue Code of 1986, as amended. The proceeds from the sale | 0007| of the bonds are appropriated to the department of environment | 0008| for the purpose of providing forty-five percent of project | 0009| costs as required to match federal funds available until | 0010| January 1998 for the design, development, construction and | 0011| equipping of a wastewater project located in Dona Ana county. | 0012| Any unexpended or unencumbered balance remaining at the end of | 0013| fiscal year 2000 shall revert to the severance tax bonding | 0014| fund. If the department of environment has not certified the | 0015| need for the issuance of the bonds by the end of fiscal year | 0016| 1999, the authorization provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |