0001| SENATE BILL 306 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CLOSURE OF THE LANDFILL IN SAN MIGUEL | 0013| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0018| issue and sell severance tax bonds in compliance with the | 0019| Severance Tax Bonding Act in an amount not exceeding two | 0020| hundred fifty thousand dollars ($250,000) when the department | 0021| of environment certifies the need for the issuance of the | 0022| bonds. The state board of finance shall schedule the issuance | 0023| and sale of the bonds in the most expeditious and economical | 0024| manner possible upon a finding by the board that the project | 0025| has been developed sufficiently to justify the issuance and | 0001| that the project can proceed to contract within a reasonable | 0002| time. The state board of finance shall further take the | 0003| appropriate steps necessary to comply with the Internal Revenue | 0004| Code of 1986, as amended. The proceeds from the sale of the | 0005| bonds are appropriated to the department of environment for the | 0006| purpose of construction and maintenance related to closure of | 0007| the landfill located in San Miguel county. Any unexpended or | 0008| unencumbered balance remaining at the end of fiscal year 2000 | 0009| shall revert to the severance tax bonding fund. If the | 0010| department of environment has not certified the need for the | 0011| issuance of the bonds by the end of fiscal year 1999, the | 0012| 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|  |