0001| SENATE BILL 672 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| ARTHUR H. RODARTE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE DOMESTIC WATER | 0013| SYSTEM IN THE VILLAGE OF TRUCHAS IN RIO ARRIBA COUNTY; MAKING | 0014| AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding seventy- | 0021| five thousand dollars ($75,000) when the department of | 0022| environment certifies the need for the issuance of the bonds. | 0023| The state board of finance shall schedule the issuance and sale | 0024| of the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the department of environment for the purpose | 0007| of making improvements to the domestic water system, including | 0008| purchase and installation of replacement meters and related | 0009| equipment, in the village of Truchas located in Rio Arriba | 0010| county. Any unexpended or unencumbered balance remaining at | 0011| the end of fiscal year 2000 shall revert to the severance tax | 0012| bonding fund. If the department of environment has not | 0013| certified the need for the issuance of the bonds by the end of | 0014| fiscal year 1999, the authorization provided in this section | 0015| shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |