0001| HOUSE BILL 596 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DEBBIE A. RODELLA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CERTAIN WATER PROJECTS IN RIO ARRIBA | 0014| COUNTY; MAKING 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--APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax Bonding | 0020| Act in an amount not exceeding ten million eight hundred six | 0021| thousand dollars ($10,806,000) 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 in the following | 0007| amounts for the following purposes: | 0008| (1) forty-four thousand dollars ($44,000) to | 0009| purchase and install equipment and make improvements to the | 0010| water system in Los Brazos located in Rio Arriba county; | 0011| (2) one hundred eighty-seven thousand dollars | 0012| ($187,000) to purchase and install a well and equipment and make | 0013| improvements to the water system in Youngsville located in Rio | 0014| Arriba county; | 0015| (3) two hundred thousand dollars ($200,000) to | 0016| drill a well, purchase and install meters and build an | 0017| additional storage tank for the water system in Los Ojos located | 0018| in Rio Arriba county; | 0019| (4) ten million dollars ($10,000,000) to dig | 0020| wells, purchase equipment and install a water system to serve | 0021| nine communities north of Espanola located in Rio Arriba county; | 0022| and | 0023| (5) three hundred seventy-five thousand dollars | 0024| ($375,000) to purchase and install a storage tank, meters and | 0025| other equipment and materials and to upgrade the water system in | 0001| Tierra Amarilla located in Rio Arriba county. | 0002| B. If the department of environment has not | 0003| certified the need for the issuance of the bonds by the end of | 0004| fiscal year 1998, the authorization provided in this section | 0005| shall be void. Any unexpended or unencumbered balance remaining | 0006| from the proceeds of severance tax bonds issued pursuant to | 0007| Subsection A of this section at the end of fiscal year 1999 | 0008| shall revert to the severance tax bonding fund. | 0009| Section 2. EMERGENCY.--It is necessary for the public | 0010| peace, health and safety that this act take effect immediately. | 0011|  |