0001| SENATE BILL 312 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PETE CAMPOS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO EXTEND SEWER LINES IN RUIDOSO DOWNS | 0014| LOCATED IN LINCOLN COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0015| 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 thirty-four thousand dollars ($534,000) 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| extending sewer lines in the Las Lomas subdivision in Ruidoso | 0007| Downs located in Lincoln county. Any unexpended or unencumbered | 0008| balance remaining at the end of fiscal year 1999 shall revert to | 0009| the severance tax bonding fund. If the department of | 0010| environment has not certified the need for the issuance of the | 0011| bonds by the end of fiscal year 1998, the authorization provided | 0012| in this section shall be void. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015| - 2 - | 0016| | 0017| | 0018| FORTY-SECOND LEGISLATURE | 0019| SECOND SESSION, 1996 | 0020| | 0021| | 0022| JANUARY 26, 1996 | 0023| | 0024| Mr. President: | 0025| | 0001| Your COMMITTEES' COMMITTEE, to whom has been referred | 0002| | 0003| SENATE BILL 312 | 0004| | 0005| has had it under consideration and finds same to be GERMANE, PURSUANT | 0006| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0007| COMMITTEE. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| __________________________________ | 0015| SENATOR MANNY M. ARAGON, Chairman | 0016| | 0017| | 0018| | 0019| Adopted_______________________ Not Adopted_______________________ | 0020| (Chief Clerk) (Chief Clerk) | 0021| | 0022| | 0023| Date ________________________ | 0024| | 0025| | 0001| | 0002| S0312CC1 |