0001| HOUSE BILL 960 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| G. X. MCSHERRY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO ACQUIRE WATER RIGHTS AND DESIGN, | 0013| DEVELOP, CONSTRUCT AND EQUIP THE SANTA TERESA PORT OF ENTRY | 0014| WATER SYSTEM IN DONA ANA COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding one | 0022| million dollars ($1,000,000) when the department of environment | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary | 0005| to comply with the Internal Revenue Code of 1986, as amended. | 0006| The proceeds from the sale of the bonds are appropriated to the | 0007| department of environment for the purpose of acquiring water | 0008| rights for and designing, developing, constructing and | 0009| equipping the well and distribution system for the Santa Teresa | 0010| port of entry water system by the Dona Ana county water and | 0011| wastewater utility located in Dona Ana county. Any unexpended | 0012| or unencumbered balance remaining at the end of fiscal year | 0013| 2000 shall revert to the severance tax bonding fund. If the | 0014| department of environment has not certified the need for the | 0015| issuance of the bonds by the end of fiscal year 1999, the | 0016| authorization provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |