0001| SENATE BILL 1045 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JOHN PINTO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR DOMESTIC WATER SYSTEM IMPROVEMENTS IN | 0014| THE CRYSTAL CHAPTER AREA OF SAN JUAN COUNTY; MAKING AN | 0015| APPROPRIATION; 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 seventy- | 0022| five thousand dollars ($75,000) when the New Mexico office of | 0023| Indian affairs certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the office for the purpose of making | 0008| improvements, including extension of a domestic water system in | 0009| the Crystal chapter area located in San Juan county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 2000 shall revert to the severance tax bonding | 0012| fund. If the office has not certified the need for the | 0013| issuance of the bonds by the end of fiscal year 1999, the | 0014| authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |