0001| HOUSE BILL 25 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JOSE R. ABEYTA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO DESIGN, INSPECT AND CONSTRUCT SEWER | 0014| SYSTEM IMPROVEMENTS FOR THE COMMUNITY OF EL ALTO IN MORA COUNTY; | 0015| MAKING AN 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding five hundred eight | 0021| thousand ninety-two dollars ($508,092) when the department of | 0022| environment certifies the need for the issuance of the bonds. | 0023| The state board of finance shall schedule the issuance and sale | 0024| of the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the department of environment for the purpose of | 0007| designing, inspecting and constructing sewer system improvements | 0008| in the community of El Alto located in Mora county. Any | 0009| unexpended or unencumbered balance remaining from the proceeds | 0010| from the bonds at the end of fiscal year 1999 shall revert to | 0011| the severance tax bonding fund. If the department of | 0012| environment has not certified the need for the issuance of the | 0013| bonds by the end of fiscal year 1998, the authorization provided | 0014| 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|  | 0018| |