0001|                        SENATE BILL 228
    |
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 ACEQUIA SYSTEM OF LA
    |
0014|     CIENEGA IN SANTA FE 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 one hundred seventy-three thousand dollars ($173,000) when the state engineer
    |
0021|     certifies the need for the issuance of the bonds.  The state
    |
0022|     board of finance shall schedule the issuance and sale of the
    |
0023|     bonds in the most expeditious and economical manner possible
    |
0024|     upon a finding by the board that the project has been developed
    |
0025|     sufficiently to justify the issuance and that the project can
    |
0001|     proceed to contract within a reasonable time.  The state board
    |
0002|     of finance shall further take the appropriate steps necessary to
    |
0003|     comply with the Internal Revenue Code of 1986, as amended.  The
    |
0004|     proceeds from the sale of the bonds are appropriated to the
    |
0005|     state engineer for the purpose of making improvements, including
    |
0006|     purchasing and installing necessary pipe and connection
    |
0007|     accessories, valves, hydrants and a six inch water main, to the
    |
0008|     La Cienega acequia in upper La Cienega located in Santa Fe
    |
0009|     county.  Any unexpended or unencumbered balance remaining at the
    |
0010|     end of fiscal year 1999 shall revert to the severance tax
    |
0011|     bonding fund.  If the state engineer has not certified the need
    |
0012|     for the issuance of the bonds by the end of fiscal year 1998,
    |
0013|     the authorization provided in this section 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|   
    |
0018|                    FORTY-SECOND LEGISLATURE
    |
0019|                      SECOND SESSION, 1996
    |
0020|   
    |
0021|   
    |
0022|                                              JANUARY 24, 1996
    |
0023|   
    |
0024|   Mr. President:
    |
0025|   
    |
0001|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0002|   
    |
0003|                           SENATE BILL 228
    |
0004|   
    |
0005|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0006|   TO CONSTITUTIONAL PROVISIONS , and thence referred to the FINANCE
    |
0007|   COMMITTEE.
    |
0008|   
    |
0009|                              Respectfully submitted,
    |
0010|   
    |
0011|   
    |
0012|   
    |
0013|   
    |
0014|                              __________________________________
    |
0015|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0016|   
    |
0017|   
    |
0018|   
    |
0019|   Adopted_______________________ Not Adopted_______________________
    |
0020|             (Chief Clerk)                        (Chief Clerk)
    |
0021|   
    |
0022|   
    |
0023|                     Date ________________________
    |
0024|   
    |
0025|   
    |
0001|   
    |
0002|   S0228CC1
    |