0001|                            HOUSE BILL 11
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          JEANNETTE WALLACE
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR JEMEZ SPRINGS WASTEWATER TREATMENT
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0013|     SYSTEM IMPROVEMENTS IN SANDOVAL COUNTY; MAKING AN
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0014|     APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding one
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0021|     million two hundred one thousand nine hundred eight dollars
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0022|     ($1,201,908) when the department of environment certifies the
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0023|     need for the issuance of the bonds.  The state board of finance
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0024|     shall schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     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 planning,

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0008|     designing and constructing a new wastewater treatment system,
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0009|     including rehabilitation of existing sewer lines, a new
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0010|     extended aeration treatment plant and new service lines for an
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0011|     expanded collection system, in the village of Jemez Springs
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0012|     located in Sandoval county.  Any unexpended or unencumbered
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0013|     balance remaining at the end of fiscal year 2000 shall revert
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0014|     to the severance tax bonding fund.  If the department of
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0015|     environment has not certified the need for the issuance of the
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0016|     bonds by the end of fiscal year 1999, the authorization
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0017|     provided in this section shall be void.
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0018|          Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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