0001|                           SENATE BILL 305
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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|                             PETE CAMPOS
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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 REPLACE THE SEWER LIFT STATION IN THE
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0013|     CITY OF SANTA ROSA IN GUADALUPE COUNTY; MAKING AN
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0014|     APPROPRIATION; 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 one
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0021|     hundred thousand dollars ($100,000) when the department of
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0022|     environment certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the department of environment for the purpose
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0007|     of replacing a sewer lift station in the city of Santa Rosa
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0008|     located in Guadalupe county.  Any unexpended or unencumbered
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0009|     balance remaining at the end of fiscal year 2000 shall revert
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0010|     to the severance tax bonding fund.  If the department of
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0011|     environment has not certified the need for the issuance of the
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0012|     bonds by the end of fiscal year 1999, the authorization
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0013|     provided in this section shall be void.
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0014|          Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                  
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0017|       
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0018|   
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0019|                      FORTY-THIRD LEGISLATURE
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0020|                        FIRST SESSION, 1997
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0021|   
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0022|   
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0023|                                                  March 18, 1997
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0024|   
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0025|   Mr. President:
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0001|   
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0002|       Your FINANCE COMMITTEE, to whom has been referred
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0003|   
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0004|                     HOUSE BILL 305, as amended
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0005|   
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0006|   has had it under consideration and reports same with
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0007|   recommendation that it DO PASS.
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0008|   
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0009|                                Respectfully submitted,
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0010|   
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0011|   
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0012|   
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0013|                                
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0014|   __________________________________
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0015|                                Ben D. Altamirano, Chairman 
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0016|   
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0017|   
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0018|   
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0019|   Adopted_______________________   Not
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0020|   Adopted_______________________
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0021|             (Chief Clerk)                          (Chief Clerk)
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0022|   
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0023|   
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0024|   
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0025|                     Date ________________________
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0001|   
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0002|   
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0003|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0004|           Yes:    6
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0005|           No:     none
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0006|                Excused:     Carraro, Eisenstadt, Ingle, Lyons, McKibben
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0007|                        Absent:      None    
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0008|   
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0009|   S0345FC1
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0010|   
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