0001| HOUSE BILL 207 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DELORES C. WRIGHT | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR WATER SYSTEM IMPROVEMENTS IN THE | 0014| COMMUNITY OF ORGAN IN DONA ANA 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 two hundred thousand | 0021| dollars ($200,000) 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 designing, | 0007| constructing and inspecting water system improvements in the | 0008| community of Organ located in Dona Ana county. Any unexpended | 0009| or unencumbered balance remaining at the end of fiscal year 1999 | 0010| shall revert to the severance tax bonding fund. If the | 0011| department of environment has not certified the need for the | 0012| 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|  |