0001|                           SENATE BILL 360
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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|                          ARTHUR H. RODARTE
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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 A
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0013|     COMMUNITY WATER SYSTEM FOR THE COMMUNITIES OF EL GUACHE, PLAZA
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0014|     LARGA, CORRAL DEL PIEDRA, HERNANDEZ, EL DUENDE, LA CUCHILLA,
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0015|     CHILI, RIO DEL OSO AND RIO CHAMA LOCATED IN RIO ARRIBA COUNTY;
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0016|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021|     issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding one
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0023|     hundred thousand dollars ($100,000) when the department of
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0024|     environment certifies the need for the issuance of the bonds. 
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0025|     The state board of finance shall schedule the issuance and sale
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0001|     of the bonds in the most expeditious and economical manner
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0002|     possible upon a finding by the board that the project has been
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0003|     developed sufficiently to justify the issuance and that the
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0004|     project can proceed to contract within a reasonable time.  The
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0005|     state board of finance shall further take the appropriate steps
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0006|     necessary to comply with the Internal Revenue Code of 1986, as
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0007|     amended.  The proceeds from the sale of the bonds are
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0008|     appropriated to the department of environment for the purpose
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0009|     of designing, constructing and inspecting the Agua Sana
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0010|     community water system for the communities of El Guache, Plaza
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0011|     Larga, Corral del Piedra, Hernandez, El Duende, La Cuchilla,
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0012|     Chili, Rio del Oso and Rio Chama located in Rio Arriba county. 
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0013|     Any unexpended or unencumbered balance remaining at the end of
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0014|     fiscal year 2000 shall revert to the severance tax bonding
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0015|     fund.  If the department of environment has not certified the
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0016|     need for the issuance of the bonds by the end of fiscal year
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0017|     1999, the authorization 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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0021|   
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0022|                      FORTY-THIRD LEGISLATURE
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0023|                        FIRST SESSION, 1997
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0024|   
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0025|   
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0001|                                               February 11, 1997
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0002|   
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0003|   Mr. President:
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0004|   
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0005|       Your CONSERVATION COMMITTEE, to whom has been referred
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0006|   
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0007|                          SENATE BILL 360
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0008|   
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0009|   has had it under consideration and reports same with
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0010|   recommendation that it DO PASS, and thence referred to the
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0011|   FINANCE COMMITTEE.
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0012|   
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0013|                                Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|                                
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0018|   __________________________________
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0019|                                Michael S. Sanchez, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________   Not
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0024|   Adopted_______________________
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0025|             (Chief Clerk)                          (Chief Clerk)
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0007|           Yes:    7
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0008|           No:     None
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0009|                Excused:     Eisenstadt, Lyons, Macias
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0010|           Absent: None
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0011|   
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0012|   
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0013|   S0360CO1
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0014|   
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