0001| HOUSE BILL 464 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JAMES G. TAYLOR | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO IMPROVE AND PAVE ROADS IN BERNALILLO | 0014| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0018| and sell severance tax bonds in compliance with the Severance | 0019| Tax Bonding Act in an amount not exceeding one hundred seventy-five thousand dollars ($175,000) when the state highway and | 0020| transportation department certifies the need for the issuance of | 0021| the bonds. The state board of finance shall schedule the | 0022| issuance and sale of the bonds in the most expeditious and | 0023| economical manner possible upon a finding by the board that the | 0024| project has been developed sufficiently to justify the issuance | 0025| and that the project can proceed to contract within a reasonable | 0001| time. The state board of finance shall further take the | 0002| appropriate steps necessary to comply with the Internal Revenue | 0003| Code of 1986, as amended. The proceeds from the sale of the | 0004| bonds are appropriated to the state highway and transportation | 0005| department for the purpose of improving and paving Michelle | 0006| road, Niece court, Wenk road, Don Andres road and Violet road | 0007| located in Bernalillo county. Any unexpended or unencumbered | 0008| balance remaining at the end of fiscal year 1999 shall revert to | 0009| the severance tax bonding fund. If the state highway and | 0010| transportation department has not certified the need for the | 0011| issuance of the bonds by the end of fiscal year 1998, the | 0012| authorization provided in this section shall be void. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015| - 2 - |