0001|                            HOUSE BILL 325
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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|                           SAMUEL F. VIGIL
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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 TO DESIGN, CONSTRUCT AND INSPECT WATER
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0013|     SYSTEM IMPROVEMENTS FOR THE VILLANUEVA MUTUAL DOMESTIC WATER
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0014|     CONSUMERS ASSOCIATION IN SAN MIGUEL COUNTY; MAKING AN
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0015|     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-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding one
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0022|     hundred ninety-one thousand dollars ($191,000) when the
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0023|     department of environment certifies the need for the issuance
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0024|     of the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a
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0004|     reasonable time.  The state board of finance shall further take
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0005|     the appropriate steps necessary to comply with the Internal
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0006|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0007|     of the bonds are appropriated to the department of environment
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0008|     for the purpose of designing, constructing and inspecting water
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0009|     system improvements for the Villanueva mutual domestic water
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0010|     consumers association located in San Miguel county.  Any
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0011|     unexpended or unencumbered balance remaining at the end of
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0012|     fiscal year 2000 shall revert to the severance tax bonding
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0013|     fund.  If the department of environment has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this section shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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