0001|                           SENATE BILL 206
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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|                       R. L. STOCKARD
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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 MAKING ADDITIONS AND IMPROVEMENTS TO
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0013| THE WATER TREATMENT PLANT LOCATED IN THE CITY OF BLOOMFIELD IN
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0014|   SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|                         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 five
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0022| hundred thousand  dollars ($500,000) when the department of
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0023| environment certifies the need for the issuance of the bonds. 
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0024| The state board of finance shall schedule the issuance and sale
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0025| of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time.  The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006|   amended.  The proceeds from the sale of the bonds are
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0007| appropriated to the department of environment for the purpose
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0008| of making additions and improvements to the water treatment
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0009| plant located in the city of Bloomfield in San Juan county. 
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0010| Any unexpended or unencumbered balance remaining at the end of
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0011| fiscal year 2000 shall revert to the severance tax bonding
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0012| fund.  If the department of environment has not certified the
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0013| need for the issuance of the bonds by the end of fiscal year
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0014| 1999, the authorization provided in this section shall be void.
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0015| Section 2.  EMERGENCY.--It is necessary for the public peace,
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0016|  health and safety that this act take effect immediately.
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0017|                             
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