0001|                         HOUSE BILL 440
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                         THOMAS P. FOY
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO DEVELOP A NEW WATER SOURCE AND INCREASE
    |
0014|     STORAGE CAPACITY FOR THE HANOVER MUTUAL DOMESTIC WATER CONSUMERS
    |
0015|     ASSOCIATION LOCATED IN GRANT COUNTY; MAKING AN APPROPRIATION;
    |
0016|     DECLARING AN EMERGENCY.
    |
0017|     
    |
0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0020|     and sell severance tax bonds in compliance with the Severance
    |
0021|     Tax Bonding Act in an amount not exceeding two hundred 
    |
0022|     thirty-four thousand dollars ($234,000) when the department of
    |
0023|     environment certifies the need for the issuance of the bonds. 
    |
0024|     The state board of finance shall schedule the issuance and sale
    |
0025|     of the bonds in the most expeditious and economical manner
    |
0001|     possible upon a finding by the board that the project has been
    |
0002|     developed sufficiently to justify the issuance and that the
    |
0003|     project can proceed to contract within a reasonable time.  The
    |
0004|     state board of finance shall further take the appropriate steps
    |
0005|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0006|     amended.  The proceeds from the sale of the bonds are
    |
0007|     appropriated to the department of environment for the purpose of
    |
0008|     developing a new water source and increasing storage capacity
    |
0009|     for the Hanover mutual domestic water consumers association
    |
0010|     located in Grant county.  Any unexpended or unencumbered balance
    |
0011|     remaining at the end of fiscal year 1999 shall revert to the
    |
0012|     severance tax bonding fund.  If the department of environment
    |
0013|     has not certified the need for the issuance of the bonds by the
    |
0014|     end of fiscal year 1998, the authorization provided in this
    |
0015|     section shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |