0001|                            HOUSE BILL 548
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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|                          RAYMOND G. SANCHEZ
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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 THE CONSTRUCTION OF SEWER PROJECTS IN
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0013|     THE NORTH VALLEY AREA OF BERNALILLO 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 nine
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0021|     million seven hundred ninety thousand three hundred fifteen
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0022|     dollars ($9,790,315) when the department of environment
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary
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0005|     to comply with the Internal Revenue Code of 1986, as amended. 
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0006|     The proceeds from the sale of the bonds are appropriated to the
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0007|     department of environment for the purpose of continuing
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0008|     construction of sewer projects in the north valley area of 
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0009|     Bernalillo county.  The certification and issuance of bonds is
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0010|     contingent upon the city of Albuquerque, Bernalillo county and
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0011|     the village of Los Ranchos de Albuquerque in Bernalillo county
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0012|     entering into an agreement regarding planning, designing and
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0013|     constructing sewer collection and treatment facilities in the
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0014|     north valley area of Bernalillo county.  Any unexpended or
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0015|     unencumbered balance remaining at the end of fiscal year 2000
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0016|     shall revert to the severance tax bonding fund.  If the
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0017|     department of environment has not certified the need for the
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0018|     issuance of the bonds by the end of fiscal year 1999, the
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0019|     authorization provided in this section shall be void.
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0020|          Section 2.  EMERGENCY.--It is necessary for the public
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0021|     peace, health and safety that this act take effect immediately.
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0022|                              
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