0001| HOUSE BILL 600 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| SAMUEL REYES | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR WATER SYSTEM IMPROVEMENTS IN THE BRAZITO | 0014| COMMUNITY IN DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| 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 four hundred twenty-seven thousand five hundred dollars ($427,500) when the | 0021| department of environment certifies the need for the issuance of | 0022| the bonds. The state board of finance shall schedule the | 0023| issuance and sale of the bonds in the most expeditious and | 0024| economical manner possible upon a finding by the board that the | 0025| project has been developed sufficiently to justify the issuance | 0001| and that the project can proceed to contract within a reasonable | 0002| time. The state board of finance shall further take the | 0003| appropriate steps necessary to comply with the Internal Revenue | 0004| Code of 1986, as amended. The proceeds from the sale of the | 0005| bonds are appropriated to the department of environment for the | 0006| purpose of designing, constructing and inspecting water system | 0007| improvements in the Brazito community located in Dona Ana | 0008| county. Any unexpended or unencumbered balance remaining at the | 0009| end of fiscal year 1999 shall revert to the severance tax | 0010| bonding fund. If the department of environment has not | 0011| certified the need for the issuance of the bonds by the end of | 0012| fiscal year 1998, the authorization provided in this section | 0013| 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|  | 0017| |