0001|                            HOUSE BILL 537
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                             GARY K. KING
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO MAKE IMPROVEMENTS TO THE ACEQUIA DE LA
    |
0013|     CIENEGA IN SANTA FE COUNTY; MAKING AN APPROPRIATION; DECLARING
    |
0014|     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 one
    |
0021|     hundred twenty-two thousand dollars ($122,000) when the state
    |
0022|     engineer certifies the need for the issuance of the bonds.  The
    |
0023|     state board of finance shall schedule the issuance and sale of
    |
0024|     the bonds in the most expeditious and economical manner
    |
0025|     possible upon a finding by the board that the project has been
    |
0001|     developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the state engineer for the purpose of making
    |
0007|     improvements to the acequia de la Cienega located in Santa Fe
    |
0008|     county.  Any unexpended or unencumbered balance remaining at
    |
0009|     the end of fiscal year 2000 shall revert to the severance tax
    |
0010|     bonding fund.  If the state engineer has not certified the need
    |
0011|     for the issuance of the bonds by the end of fiscal year 1999,
    |
0012|     the authorization provided 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|                              
    |