0001| HOUSE BILL 1096
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| GARY K. KING
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012| SEVERANCE TAX BONDS TO UPGRADE THE IRRIGATION SYSTEM OF THE
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0013| MANZANO SPRING AND DITCH COMMISSION IN TORRANCE COUNTY; MAKING
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0014| 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-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding one
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0021| hundred eighty-nine thousand dollars ($189,000) when the state
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0022| engineer certifies the need for the issuance of the bonds. The
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0023| state board of finance shall schedule the issuance and sale of
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0024| the bonds in the most expeditious and economical manner
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0025| possible upon a finding by the board that the project has been
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0001| developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the state engineer for the purpose of
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0007| designing, constructing and equipping improvements to the
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0008| irrigation system of the Manzano spring and ditch commission
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0009| located in Torrance county. Any unexpended or unencumbered
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0010| balance remaining at the end of fiscal year 2000 shall revert
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0011| to the severance tax bonding fund. If the state engineer has
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0012| not certified the need for the issuance of the bonds by the end
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0013| of fiscal year 1999, the authorization provided in this section
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0014| shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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