0001|                           SENATE BILL 1091
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          ARTHUR H. RODARTE
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO UPGRADE THE COMMUNITY WATER ASSOCIATION
    |
0013|     OF LAS TABLAS WATER SYSTEM LOCATED IN RIO ARRIBA COUNTY; MAKING
    |
0014|     AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding forty
    |
0021|     thousand dollars ($40,000) when the department of environment
    |
0022|     certifies the need for the issuance of the bonds.  The state
    |
0023|     board of finance shall schedule the issuance and sale of the
    |
0024|     bonds in the most expeditious and economical manner possible
    |
0025|     upon a finding by the board that the project has been developed
    |
0001|     sufficiently to justify the issuance and that the project can
    |
0002|     proceed to contract within a reasonable time.  The state board
    |
0003|     of finance shall further take the appropriate steps necessary
    |
0004|     to comply with the Internal Revenue Code of 1986, as amended. 
    |
0005|     The proceeds from the sale of the bonds are appropriated to the
    |
0006|     department of environment for the purpose of upgrading the
    |
0007|     community water association of Las Tablas water system located
    |
0008|     in Rio Arriba county.  Any unexpended or unencumbered balance
    |
0009|     remaining at the end of fiscal year 2000 shall revert to the
    |
0010|     severance tax bonding fund.  If the department of environment
    |
0011|     has not certified the need for the issuance of the bonds by the
    |
0012|     end of fiscal year 1999, the authorization provided in this
    |
0013|     section shall be void.
    |
0014|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                                  
    |