0001|                            HOUSE BILL 960
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                            G. X. MCSHERRY
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO ACQUIRE WATER RIGHTS AND DESIGN,
    |
0013|     DEVELOP, CONSTRUCT AND EQUIP THE SANTA TERESA PORT OF ENTRY
    |
0014|     WATER SYSTEM IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
    |
0015|     DECLARING AN 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-
    |
0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may

    |
0020|     issue and sell severance tax bonds in compliance with the
    |
0021|     Severance Tax Bonding Act in an amount not exceeding one
    |
0022|     million dollars ($1,000,000) when the department of environment
    |
0023|     certifies the need for the issuance of the bonds.  The state
    |
0024|     board of finance shall schedule the issuance and sale of the
    |
0025|     bonds in the most expeditious and economical manner possible
    |
0001|     upon a finding by the board that the project has been developed
    |
0002|     sufficiently to justify the issuance and that the project can
    |
0003|     proceed to contract within a reasonable time.  The state board
    |
0004|     of finance shall further take the appropriate steps necessary
    |
0005|     to comply with the Internal Revenue Code of 1986, as amended. 
    |
0006|     The proceeds from the sale of the bonds are appropriated to the
    |
0007|     department of environment for the purpose of acquiring water
    |
0008|     rights for and designing, developing, constructing and
    |
0009|     equipping the well and distribution system for the Santa Teresa
    |
0010|     port of entry water system by the Dona Ana county water and
    |
0011|     wastewater utility located in Dona Ana county.   Any unexpended
    |
0012|     or unencumbered balance remaining at the end of fiscal year
    |
0013|     2000 shall revert to the severance tax bonding fund.  If the 
    |
0014|     department of environment has not certified the need for the
    |
0015|     issuance of the bonds by the end of fiscal year 1999, the
    |
0016|     authorization provided in this section shall be void.
    |
0017|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0018|     peace, health and safety that this act take effect immediately.
    |
0019|                                  
    |