0001| SENATE BILL 483 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DON KIDD | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR WATER SYSTEM IMPROVEMENTS IN TIMBERON IN | 0014| OTERO COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0018| and sell severance tax bonds in compliance with the Severance | 0019| Tax Bonding Act in an amount not exceeding one hundred thousand | 0020| dollars ($100,000) when the department of environment certifies | 0021| the need for the issuance of the bonds. The state board of | 0022| finance shall schedule the issuance and sale of the bonds in the | 0023| most expeditious and economical manner possible upon a finding | 0024| by the board that the project has been developed sufficiently to | 0025| justify the issuance and that the project can proceed to | 0001| contract within a reasonable time. The state board of finance | 0002| shall further take the appropriate steps necessary to comply | 0003| with the Internal Revenue Code of 1986, as amended. The | 0004| proceeds from the sale of the bonds are appropriated to the | 0005| department of environment for water system improvements in | 0006| Timberon located in Otero county. Any unexpended or | 0007| unencumbered balance remaining at the end of fiscal year 1999 | 0008| shall revert to the severance tax bonding fund. If the | 0009| department of environment has not certified the need for the | 0010| issuance of the bonds by the end of fiscal year 1998, the | 0011| authorization provided in this section shall be void. | 0012| Section 2. EMERGENCY.--It is necessary for the public | 0013| peace, health and safety that this act take effect immediately. | 0014|  | 0015| | 0016| FORTY-SECOND LEGISLATURE | 0017| SECOND SESSION, 1996 | 0018| | 0019| | 0020| JANUARY 30, 1996 | 0021| | 0022| Mr. President: | 0023| | 0024| Your COMMITTEES' COMMITTEE, to whom has been referred | 0025| | 0001| SENATE BILL 483 | 0002| | 0003| has had it under consideration and finds same to be GERMANE, PURSUANT | 0004| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0005| COMMITTEE. | 0006| | 0007| Respectfully submitted, | 0008| | 0009| | 0010| | 0011| | 0012| __________________________________ | 0013| SENATOR MANNY M. ARAGON, Chairman | 0014| | 0015| | 0016| | 0017| Adopted_______________________ Not Adopted_______________________ | 0018| (Chief Clerk) (Chief Clerk) | 0019| | 0020| | 0021| Date ________________________ | 0022| | 0023| | 0024| | 0025| S0483CC1 |