0001|                        SENATE BILL 454
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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|                        TOM R. BENAVIDES
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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 EXTEND SEWER AND WATER SYSTEMS WEST OF
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0014|     COORS AND GUN CLUB ROADS IN THE SOUTH VALLEY OF ALBUQUERQUE
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0015|     LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING
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0016|     AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding two hundred thousand
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0022|     dollars ($200,000) when the department of environment certifies
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0023|     the need for the issuance of the bonds.  The state board of
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0024|     finance shall schedule the issuance and sale of the bonds in the
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0025|     most expeditious and economical manner possible upon a finding
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0001|     by the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     department of environment for the purpose of extending water and
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0008|     sewer systems west of Coors and Gun Club roads in the south
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0009|     valley of Albuquerque located in Bernalillo county.  Any
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0010|     unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0012|     If the department of environment has not certified the need for
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0013|     the issuance of the bonds by the end of fiscal year 1998, the
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0014|     authorization provided in this section shall be void.
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0015|       Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                            - 2 -
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