0001|                         HOUSE BILL 148
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                      LEO C. WATCHMAN, JR.
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO CONSTRUCT WATER TREATMENT PLANT
    |
0014|     INFRASTRUCTURE IN SAN JUAN COUNTY; MAKING AN APPROPRIATION;
    |
0015|     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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0019|     and sell severance tax bonds in compliance with the Severance
    |
0020|     Tax Bonding Act in an amount not exceeding five hundred thousand
    |
0021|     dollars ($500,000) when the department of environment certifies
    |
0022|     the need for the issuance of the bonds.  The state board of
    |
0023|     finance shall schedule the issuance and sale of the bonds in the
    |
0024|     most expeditious and economical manner possible upon a finding
    |
0025|     by the board that the project has been developed sufficiently to
    |
0001|     justify the issuance and that the project can proceed to
    |
0002|     contract within a reasonable time.  The state board of finance
    |
0003|     shall further take the appropriate steps necessary to comply
    |
0004|     with the Internal Revenue Code of 1986, as amended.  The
    |
0005|     proceeds from the sale of the bonds are appropriated to the
    |
0006|     department of environment for the purpose of constructing
    |
0007|     support infrastructure for a water treatment plant at Navajo
    |
0008|     agriculture products industries located in San Juan county.  Any
    |
0009|     unexpended or unencumbered balance remaining at the end of
    |
0010|     fiscal year 1999 shall revert to the severance tax bonding fund. 
    |
0011|     If the department of environment has not certified the need for
    |
0012|     the issuance of the bonds by the end of fiscal year 1998, the
    |
0013|     authorization provided in this section shall be void.
    |
0014|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                              
    |