0001|                         HOUSE BILL 596
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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|                       DEBBIE A. RODELLA
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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 CERTAIN WATER PROJECTS IN RIO ARRIBA
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0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|            A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax Bonding
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0020|     Act in an amount not exceeding ten million eight hundred six
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0021|     thousand dollars ($10,806,000) when the department of
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0022|     environment certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the department of environment in the following
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0007|     amounts for the following purposes:
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0008|                 (1)  forty-four thousand dollars ($44,000) to
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0009|     purchase and install equipment and make improvements to the
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0010|     water system in Los Brazos located in Rio Arriba county;
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0011|                 (2)  one hundred eighty-seven thousand dollars
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0012|     ($187,000) to purchase and install a well and equipment and make
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0013|     improvements to the water system in Youngsville located in Rio
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0014|     Arriba county;
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0015|                 (3)  two hundred thousand dollars ($200,000) to
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0016|     drill a well, purchase and install meters and build an
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0017|     additional storage tank for the water system in Los Ojos located
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0018|     in Rio Arriba county;
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0019|                 (4)  ten million dollars ($10,000,000) to dig
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0020|     wells, purchase equipment and install a water system to serve
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0021|     nine communities north of Espanola located in Rio Arriba county;
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0022|     and
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0023|                 (5)  three hundred seventy-five thousand dollars
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0024|     ($375,000) to purchase and install a storage tank, meters and
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0025|     other equipment and materials and to upgrade the water system in
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0001|     Tierra Amarilla located in Rio Arriba county.
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0002|            B.  If the department of environment has not
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0003|     certified the need for the issuance of the bonds by the end of
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0004|     fiscal year 1998, the authorization provided in this section
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0005|     shall be void.  Any unexpended or unencumbered balance remaining
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0006|     from the proceeds of severance tax bonds issued pursuant to
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0007|     Subsection A of this section at the end of fiscal year 1999
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0008|     shall revert to the severance tax bonding fund.
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0009|       Section 2.  EMERGENCY.--It is necessary for the public
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0010|     peace, health and safety that this act take effect immediately.
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0011|                              
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