0001| HOUSE BILL 20 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| NICK L. SALAZAR | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO DEVELOP A WATER SYSTEM MASTER PLAN FOR | 0013| SEVERAL COMMUNITIES IN TAOS COUNTY; MAKING AN APPROPRIATION; | 0014| 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- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding forty-five | 0021| thousand dollars ($45,000) 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 | 0004| to comply with the Internal Revenue Code of 1986, as amended. | 0005| The proceeds from the sale of the bonds are appropriated to the | 0006| department of environment for the purpose of completing a study | 0007| and master plan that will resolve the water system and | 0008| wastewater needs of the communities of Chamisal, Llano Largo, | 0009| Penasco, the pueblo of Picuris, Placitas, Rodarte, Rio Lucio | 0010| and Vadito located in Taos county. Any unexpended or | 0011| unencumbered balance remaining at the end of fiscal year 2000 | 0012| shall revert to the severance tax bonding fund. If the | 0013| department of environment has not certified the need for the | 0014| issuance of the bonds by the end of fiscal year 1999, the | 0015| authorization provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |