0001| SENATE BILL 490 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PHIL A. GRIEGO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE WATER SYSTEM OF THE | 0013| TECOLOTE MUTUAL DOMESTIC WATER CONSUMERS ASSOCIATION LOCATED IN | 0014| SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0015| 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 two | 0022| hundred thousand dollars ($200,000) when the department of | 0023| environment certifies the need for the issuance of the bonds. | 0024| The state board of finance shall schedule the issuance and sale | 0025| of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the department of environment for the purpose | 0008| of purchasing and installing a new water tank and designing, | 0009| constructing, installing and equipping improvements to the | 0010| water system of the Tecolote mutual domestic water consumers | 0011| association located in San Miguel county. Any unexpended or | 0012| unencumbered balance remaining at the end of fiscal year 2000 | 0013| 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|  |