0001|                        SENATE BILL 306
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                        RAYMOND L. KYSAR
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO CONSTRUCT A WATER AND WASTEWATER FACILITY
    |
0014|     IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0015|     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 five hundred thousand 
    |
0021|     dollars ($500,000) 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 constructing a
    |
0007|     water and wastewater facility at Navajo agricultural products
    |
0008|     industries located in San Juan county.  Any unexpended or
    |
0009|     unencumbered balance remaining at the end of fiscal year 1999
    |
0010|     shall revert to the severance tax bonding fund.  If the
    |
0011|     department of environment has not certified the need for the
    |
0012|     issuance of the bonds by the end of fiscal year 1998, the
    |
0013|     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|   
    |
0019|                    FORTY-SECOND LEGISLATURE
    |
0020|                      SECOND SESSION, 1996
    |
0021|   
    |
0022|   
    |
0023|                                              JANUARY 26, 1996
    |
0024|   
    |
0025|   Mr. President:
    |
0001|   
    |
0002|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0003|   
    |
0004|                           SENATE BILL 306
    |
0005|   
    |
0006|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0007|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
    |
0008|   COMMITTEE.
    |
0009|   
    |
0010|                              Respectfully submitted,
    |
0011|   
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|                              __________________________________
    |
0016|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0017|   
    |
0018|   
    |
0019|   
    |
0020|   Adopted_______________________ Not Adopted_______________________
    |
0021|             (Chief Clerk)                        (Chief Clerk)
    |
0022|   
    |
0023|   
    |
0024|                     Date ________________________
    |
0025|   
    |
0001|   
    |
0002|   
    |
0003|   S0306CC1
    |