0001|                         HOUSE BILL 450
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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|                        GLORIA C. VAUGHN
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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 FOR A ROAD PROJECT CONNECTING RIATA ROAD AND
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0014|     HIGHWAY 54/70 IN OTERO COUNTY; MAKING AN APPROPRIATION;
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0015|     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 two hundred forty-two
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0021|     thousand dollars ($242,000) when the state highway and
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0022|     transportation department certifies the need for the issuance of
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0023|     the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the state highway and transportation
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0007|     department for the purpose of designing and constructing a new
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0008|     road connecting Riata road to highway 54/70 and for installing a
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0009|     railroad crossing on the new road in Otero county.  Any
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0010|     unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0012|     If the state highway and transportation department has not
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0013|     certified the need for the issuance of the bonds by the end of
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0014|     fiscal year 1998, the authorization provided in this section
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0015|     shall be void.
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0016|       Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                              
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