0001| SENATE BILL 321 | 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 FOR THE DOMESTIC WATER SYSTEM IN EAGLE CREEK | 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 three hundred | 0021| thousand dollars ($300,000) when the department of environment | 0022| certifies the need for the issuance of the bonds. The state | 0023| board of finance shall schedule the issuance and sale of the | 0024| bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary to | 0004| comply 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 making improvements | 0007| to the Eagle Creek domestic water system located in Lincoln | 0008| county. Any unexpended or unencumbered balance remaining at the | 0009| end of fiscal year 1999 shall revert to the severance tax | 0010| bonding fund. If the department of environment has not | 0011| certified the need for the issuance of the bonds by the end of | 0012| fiscal year 1998, the authorization provided in this section | 0013| 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|  | 0017| | 0018| | 0019| FORTY-SECOND LEGISLATURE | 0020| SECOND SESSION, 1996 | 0021| | 0022| | 0023| JANUARY 26, 1996 | 0024| | 0025| Mr. President: | 0001| | 0002| Your COMMITTEES' COMMITTEE, to whom has been referred | 0003| | 0004| SENATE BILL 321 | 0005| | 0006| has had it under consideration and finds same to be GERMANE, PURSUANT | 0007| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0008| COMMITTEE. | 0009| | 0010| Respectfully submitted, | 0011| | 0012| | 0013| | 0014| | 0015| __________________________________ | 0016| SENATOR MANNY M. ARAGON, Chairman | 0017| | 0018| | 0019| | 0020| Adopted_______________________ Not Adopted_______________________ | 0021| (Chief Clerk) (Chief Clerk) | 0022| | 0023| | 0024| Date ________________________ | 0025| | 0001| | 0002| | 0003| S0321CC1 |