0001|                         HOUSE BILL 497
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                         JOSE R. ABEYTA
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR VARIOUS SEWER AND WATER SYSTEM
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0014|     IMPROVEMENTS IN GUADALUPE COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding nine hundred fifty thousand eight
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0022|     hundred dollars ($950,800) when the department of environment
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     department of environment in the following amounts for the
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0008|     following purposes in Guadalupe county:
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0009|                 (1)  two hundred seventeen thousand eight
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0010|     hundred dollars ($217,800) to design, construct and inspect
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0011|     water system improvements in the village of Dilia;
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0012|                 (2)  twenty-five thousand dollars ($25,000) to
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0013|     evaluate the viability of consolidating water systems for the
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0014|     communities of La Loma, Los Sisneros and El Llano del Medio;
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0015|                 (3)  two hundred thousand dollars ($200,000) to
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0016|     design, construct and inspect water system improvements in the
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0017|     community of Puerto de Luna; and
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0018|                 (4)  five hundred eight thousand dollars
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0019|     ($508,000) to design, construct and inspect sewer system
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0020|     improvements to the east side sewer plant in Santa Rosa.  
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0021|            B.  If the department of environment has not
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0022|     certified the need for the issuance of the bonds by the end of
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0023|     fiscal year 1998, the authorization provided in this section
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0024|     shall be void.  Any unexpended or unencumbered balance remaining
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0025|     from the proceeds of severance tax bonds issued pursuant to
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0001|     Subsection A of this section at the end of fiscal year 1999
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0002|     shall revert to the severance tax bonding fund. 
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0003|       Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately.
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0005|                              
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