0001|                        SENATE BILL 368
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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|                     ELIZABETH T. STEFANICS
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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 TO PURCHASE FIVE HUNDRED THIRTEEN ACRE-FEET
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0014|     OF WATER RIGHTS FOR THE CITY OF MORIARTY LOCATED IN TORRANCE
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0015|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding seven hundred eighty
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0021|     thousand dollars ($780,000) when the state engineer certifies
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0022|     the need for the issuance of the bonds.  The state board of
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0023|     finance shall schedule the issuance and sale of the bonds in the
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0024|     most expeditious and economical manner possible upon a finding
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0025|     by the board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     office of the state engineer for the purpose of purchasing five
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0007|     hundred thirteen acre-feet of water rights for the city of
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0008|     Moriarty located in Torrance county.  Any unexpended or
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0009|     unencumbered balance remaining at the end of fiscal year 1999
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0010|     shall revert to the severance tax bonding fund.  If the state
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0011|     engineer has not certified the need for the issuance of the
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0012|     bonds by the end of fiscal year 1998, the authorization provided
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0013|     in this section shall be void.
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0014|       Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                      
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0017|   
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0018|                    FORTY-SECOND LEGISLATURE
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0019|                      SECOND SESSION, 1996
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0020|   
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0021|   
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0022|                                              JANUARY 29, 1996
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0023|   
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0024|   Mr. President:
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0025|   
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0001|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0002|   
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0003|                           SENATE BILL 368
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0004|   
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0005|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0006|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the  FINANCE
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0007|   COMMITTEE.
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0008|   
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0009|                              Respectfully submitted,
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0010|   
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0011|   
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0012|   
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0013|   
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0014|                              __________________________________
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0015|                              SENATOR MANNY M. ARAGON, Chairman 
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0016|   
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0017|   
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0018|   
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0019|   Adopted_______________________ Not Adopted_______________________
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0020|             (Chief Clerk)                        (Chief Clerk)
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0021|   
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0022|   
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0023|                     Date ________________________
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0024|   
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0025|   
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0001|   
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0002|   S0368CC1
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