44th legislature - STATE OF NEW MEXICO - first special session, 1999

AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS FOR CONSTRUCTION OF WATER AND SEWER SYSTEMS IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue and sell severance tax bonds in fiscal years 2001 through 2009 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of eighteen million dollars ($18,000,000) when the local government division of the department of finance and administration certifies the need for the issuance of the bonds; provided that no more than two million dollars ($2,000,000) may be issued in any one fiscal year. The state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible upon a finding by the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. The state board of finance shall further take the appropriate steps necessary to comply with the Internal Revenue Code of 1986, as amended. The proceeds from the sale of the bonds are appropriated to the local government division of the department of finance and administration for the purpose of financing water and sewer distribution and collection systems in the developed and underserved areas of Bernalillo county, including areas in the city of Albuquerque. The certification and issuance of bonds for any fiscal year is contingent upon the secretary of finance and administration receiving certification from the governing body of the city of Albuquerque and the board of county commissioners of Bernalillo county that funding in the amount of nine million dollars ($9,000,000) has been secured from federal, city and county sources for expenditure in that fiscal year to construct the water and sewer distribution and collection systems. Any unexpended or unencumbered balance remaining at the end of fiscal year 2011 shall revert to the severance tax bonding fund. If the local government division of the department of finance and administration has not certified the need for the issuance of the bonds by the end of fiscal year 2009, the authorization provided in this section shall be void.

Section 2. APPROPRIATION.--Two million dollars ($2,000,000) is appropriated from the general fund to the local government division of the department of finance and administration for expenditure in fiscal years 1999 and 2000 for the purpose of financing water and sewer distribution and collection systems only in the developed and underserved areas of Bernalillo county, including areas in the city of Albuquerque, contingent upon the secretary of finance and administration receiving certification from the governing body of the city of Albuquerque and the board of county commissioners of Bernalillo county that funding in the amount of nine million dollars ($9,000,000) has been secured from federal, city and county sources for expenditure in fiscal year 2000 to construct the water and sewer distribution and collection systems. Any unexpended or unencumbered balance remaining at the end of fiscal year 2000 shall revert to the general fund.

Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.