0001|                         HOUSE BILL 234
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                          SAMUEL REYES
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO COMPLETE THE SANTA TERESA BORDER STATION
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0014|     LOCATED IN DONA ANA COUNTY; MAKING AN APPROPRIATION FROM THE
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0015|     STATE ROAD FUND; MAKING APPROPRIATIONS; DECLARING AN 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one million three
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0021|     hundred sixty-six thousand dollars ($1,366,000) when the
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0022|     property control division of the general services department
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     property control division of the general services department for
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0008|     the purpose of completing the Santa Teresa border station
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0009|     located in Dona Ana county.  Any unexpended or unencumbered
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0010|     balance remaining at the end of fiscal year 2000 shall revert to
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0011|     the severance tax bonding fund.  If the property control
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0012|     division of the general services department has not certified
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0013|     the 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.  APPROPRIATION--STATE ROAD FUND--PURPOSE.--Seven
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0016|     hundred fifty thousand dollars ($750,000) is appropriated from
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0017|     the state road fund to the state highway and transportation
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0018|     department for expenditure in fiscal years 1997 through 2000 to
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0019|     complete the Santa Teresa border station located in Dona Ana
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0020|     county.  Any unexpended or unencumbered balance remaining at the
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0021|     end of fiscal year 2000 shall revert to the state road fund.
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0022|       Section 3.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                              
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