0001|                           SENATE BILL 175
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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|                          MICHAEL S. SANCHEZ
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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 TO PURCHASE WATER RIGHTS FOR THE VILLAGE OF
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0013|     BOSQUE FARMS IN VALENCIA COUNTY; MAKING AN APPROPRIATION;
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0014|     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-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding thirty-
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0021|     five thousand  dollars ($35,000) when the state engineer
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0022|     certifies the need for the issuance of the bonds.  The state
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0023|     board of finance shall schedule the issuance and sale of the
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0024|     bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary
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0004|     to comply with the Internal Revenue Code of 1986, as amended. 
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0005|     The proceeds from the sale of the bonds are appropriated to the
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0006|     state engineer for the purpose of purchasing water rights for
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0007|     the village of Bosque Farms located in Valencia county.  Any
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0008|     unexpended or unencumbered balance remaining at the end of
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0009|     fiscal year 2000 shall revert to the severance tax bonding
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0010|     fund.  If the state engineer has not certified the need for the
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0011|     issuance of the bonds by the end of fiscal year 1999, the
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0012|     authorization provided in this section shall be void.
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0013|          Section 2.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                                  
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0016|       
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0017|   
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0018|                      FORTY-THIRD LEGISLATURE           SB 175/a
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0019|                        FIRST SESSION, 1997
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0020|   
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0021|   
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0022|                                                February 4, 1997
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0023|   
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0024|   Mr. President:
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0025|   
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0001|       Your CONSERVATION COMMITTEE, to whom has been referred
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0002|   
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0003|                          SENATE BILL 175
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0004|   
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0005|   has had it under consideration and reports same with
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0006|   recommendation that it DO PASS, amended as follows:
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0007|   
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0008|       1.  On page 2, line 6, strike "state engineer" and insert in
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0009|   lieu thereof "local government division of the department of
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0010|   finance and administration",
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0011|   
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0012|   and thence referred to the FINANCE COMMITTEE. 
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0013|                
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0014|                                Respectfully submitted,
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0015|   
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0016|   
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0017|   
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0018|                                
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0019|   __________________________________
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0020|                                Michael S. Sanchez, Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________   Not
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0025|   Adopted_______________________
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0001|             (Chief Clerk)                          (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   The roll call vote was <u> 7 </u> For <u> 1 </u> Against
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0008|           Yes:    7
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0009|           No:     Davis
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0010|                Excused:     Kysar, Tsosie
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0011|           Absent: None
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0012|   
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0013|   
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0014|   
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0015|   
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0016|   
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0017|   S0175CO1
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