0001|                           SENATE BILL 758
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          NANCY E. RODRIGUEZ
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR A WATER LINE EXTENSION PROJECT IN SANTA
    |
0013|     FE COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0017|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0018|     issue and sell severance tax bonds in compliance with the
    |
0019|     Severance Tax Bonding Act in an amount not exceeding one
    |
0020|     hundred sixty thousand dollars ($160,000) when the local
    |
0021|     government division of the department of finance and
    |
0022|     administration certifies the need for the issuance of the
    |
0023|     bonds.  The state board of finance shall schedule the issuance
    |
0024|     and sale of the bonds in the most expeditious and economical
    |
0025|     manner possible upon a finding by the board that the project
    |
0001|     has been developed sufficiently to justify the issuance and
    |
0002|     that the project can proceed to contract within a reasonable
    |
0003|     time.  The state board of finance shall further take the
    |
0004|     appropriate steps necessary to comply with the Internal Revenue
    |
0005|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0006|     bonds are appropriated to the local government division of the
    |
0007|     department of finance and administration for the planning,
    |
0008|     design and construction of a project to extend the city of
    |
0009|     Santa Fe water system to Camino Carlos Rael, Alamo drive and
    |
0010|     Montoya lane located in Santa Fe  county.  The certification
    |
0011|     and issuance of bonds is contingent upon the county of Santa Fe
    |
0012|     providing ten percent in matching funds.  Any unexpended or
    |
0013|     unencumbered balance remaining at the end of fiscal year 2000
    |
0014|     shall revert to the severance tax bonding fund.  If the local
    |
0015|     government division of the department of finance and
    |
0016|     administration has not certified the need for the issuance of
    |
0017|     the bonds by the end of fiscal year 1999, the authorization
    |
0018|     provided in this section shall be void.
    |
0019|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0020|     peace, health and safety that this act take effect immediately.
    |
0021|                              
    |