0001| SENATE BILL 342
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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| PETE CAMPOS
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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 FOR A WATER PROJECT IN CAPITAN LOCATED IN
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0014| LINCOLN COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018| and sell severance tax bonds in compliance with the Severance
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0019| Tax Bonding Act in an amount not exceeding five hundred thousand
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0020| dollars ($500,000) when the department of environment certifies
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0021| the need for the issuance of the bonds. The state board of
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0022| finance shall schedule the issuance and sale of the bonds in the
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0023| most expeditious and economical manner possible upon a finding
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0024| by the board that the project has been developed sufficiently to
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0025| justify the issuance and that the project can proceed to
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0001| contract within a reasonable time. The state board of finance
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0002| shall further take the appropriate steps necessary to comply
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0003| with the Internal Revenue Code of 1986, as amended. The
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0004| proceeds from the sale of the bonds are appropriated to the
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0005| department of environment for the purpose of installing a water
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0006| line and making water system improvements in Capitan located in
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0007| Lincoln county. Any unexpended or unencumbered balance
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0008| remaining at the end of fiscal year 1999 shall revert to the
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0009| severance tax bonding fund. If the department of environment
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0010| has not certified the need for the issuance of the bonds by the
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0011| end of fiscal year 1998, the authorization provided in this
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0012| section shall be void.
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0013| Section 2. EMERGENCY.--It is necessary for the public
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0014| peace, health and safety that this act take effect immediately.
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0015| - 2 -
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0016|
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0017| FORTY-SECOND LEGISLATURE
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0018| SECOND SESSION, 1996
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0019|
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0020|
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0021| JANUARY 26, 1996
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0022|
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0023| Mr. President:
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0024|
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0025| Your COMMITTEES' COMMITTEE, to whom has been referred
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0001|
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0002| SENATE BILL 342
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0003|
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0004| has had it under consideration and finds same to be GERMANE, PURSUANT
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0005| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0006| COMMITTEE.
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0007|
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0008| Respectfully submitted,
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0010|
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0011|
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0012|
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0013| __________________________________
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0014| SENATOR MANNY M. ARAGON, Chairman
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0016|
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0017|
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0018| Adopted_______________________ Not Adopted_______________________
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021|
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0022| Date ________________________
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0025|
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0001| S0342CC1
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