0001| SENATE BILL 213 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ELIZABETH T. STEFANICS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE SAN MIGUEL DEL VADO | 0014| COMMUNITY WATER SYSTEM IN SAN MIGUEL COUNTY; MAKING AN | 0015| 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 seventy-five thousand | 0021| dollars ($75,000) when the department of environment certifies | 0022| the need for the issuance of the bonds. The state board of | 0023| finance shall schedule the issuance and sale of the bonds in the | 0024| most expeditious and economical manner possible upon a finding | 0025| by the board that the project has been developed sufficiently to | 0001| justify the issuance and that the project can proceed to | 0002| contract within a reasonable time. The state board of finance | 0003| shall further take the appropriate steps necessary to comply | 0004| with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the | 0006| department of environment for the purpose of making | 0007| improvements, including a new well, electrical hookup, water | 0008| storage tank and distribution lines, to the domestic water | 0009| system in the community of San Miguel del Vado located in San | 0010| Miguel county. Any unexpended or unencumbered balance remaining | 0011| at the end of fiscal year 1999 shall revert to the severance tax | 0012| bonding fund. If the department of environment has not | 0013| certified the need for the issuance of the bonds by the end of | 0014| fiscal year 1998, the authorization provided in this section | 0015| 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|  | 0019| | 0020| FORTY-SECOND LEGISLATURE | 0021| SECOND SESSION, 1996 | 0022| | 0023| | 0024| JANUARY 24, 1996 | 0025| | 0001| Mr. President: | 0002| | 0003| Your COMMITTEES' COMMITTEE, to whom has been referred | 0004| | 0005| SENATE BILL 213 | 0006| | 0007| has had it under consideration and finds same to be GERMANE, PURSUANT | 0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0009| COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| | 0016| __________________________________ | 0017| SENATOR MANNY M. ARAGON, Chairman | 0018| | 0019| | 0020| | 0021| Adopted_______________________ Not Adopted_______________________ | 0022| (Chief Clerk) (Chief Clerk) | 0023| | 0024| | 0025| Date ________________________ | 0001| | 0002| | 0003| | 0004| S0213CC1 |