0001|                           HOUSE BILL 1139
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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|                             JOE M. STELL
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0005|     
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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 ACQUIRE WATER RIGHTS ON THE PECOS RIVER
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0013|     TO COMPLY WITH THE UNITED STATES SUPREME COURT'S AMENDED DECREE
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0014|     IN <u>TEXAS</u> V. <u>NEW MEXICO</u> PURSUANT TO THE PECOS RIVER COMPACT;
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0015|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding two
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0022|     million dollars ($2,000,000) when the interstate stream
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0023|     commission certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the interstate stream commission for the
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0008|     purpose of acquiring water rights within the Pecos river basin
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0009|     to aid the state in complying with the Pecos River Compact and
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0010|     the United States supreme court's amended decree in <u>Texas</u> v.
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0011|     <u>New Mexico</u>, 485 U.S. 388 (1988).  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 2000
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0013|     shall revert to the severance tax bonding fund.  If the
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0014|     interstate stream commission has not certified the need for the
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0015|     issuance of the bonds by the end of fiscal year 1999, the
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0016|     authorization provided in this section shall be void.
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                                  
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