0001| HOUSE BILL 680 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| GARY K. KING | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR A WATER SYSTEM EXTENSION PROJECT NEAR LA | 0014| CIENEGA IN SANTA FE COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| 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 one hundred seventy-two thousand dollars ($172,000) when the department of | 0021| environment certifies the need for the issuance of the bonds. | 0022| The state board of finance shall schedule the issuance and sale | 0023| of the bonds in the most expeditious and economical manner | 0024| possible upon a finding by the board that the project has been | 0025| developed sufficiently to justify the issuance and that the | 0001| project can proceed to contract within a reasonable time. The | 0002| state board of finance shall further take the appropriate steps | 0003| necessary to comply with the Internal Revenue Code of 1986, as | 0004| amended. The proceeds from the sale of the bonds are | 0005| appropriated to the department of environment for the purpose of | 0006| installing a water system extension, including necessary | 0007| improvements, to the village of La Cienega water system located | 0008| in Santa Fe county. Any unexpended or unencumbered balance | 0009| remaining at the end of fiscal year 1999 shall revert to the | 0010| severance tax bonding fund. If the department of environment | 0011| has not certified the need for the issuance of the bonds by the | 0012| end of fiscal year 1998, the authorization provided in this | 0013| 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|  |