0001|                         HOUSE BILL 441
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                         THOMAS P. FOY
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO MAKE IMPROVEMENTS TO THE ARENAS VALLEY
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0014|     WATER DEVELOPMENT ASSOCIATION WATER SYSTEM LOCATED IN GRANT
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0015|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding three hundred
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0021|     thousand dollars ($300,000) when the department of environment
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0022|     certifies the need for the issuance of the bonds.  The state
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0023|     board of finance shall schedule the issuance and sale of the
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0024|     bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary to
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0004|     comply with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     department of environment for the purpose of extending existing
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0007|     water distribution lines and making other improvements to the
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0008|     Arenas Valley water development association water system located
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0009|     in Grant county.  Any unexpended or unencumbered balance
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0010|     remaining at the end of fiscal year 1999 shall revert to the
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0011|     severance tax bonding fund.  If the department of environment
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0012|     has not certified the need for the issuance of the bonds by the
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0013|     end of fiscal year 1998, the authorization provided in this
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0014|     section shall be void.
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0015|       Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                              
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