0001|                         HOUSE BILL 544
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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|                          JOE M. STELL
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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 FLOOD CONTROL IMPROVEMENTS IN THE CITY
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0014|     OF ARTESIA IN EDDY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     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 hundred fifty
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0021|     thousand dollars ($150,000) 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 making improvements, including
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0008|     flood control and drainage work on south First street in the
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0009|     city of Artesia located in Eddy county.  Any unexpended or
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0010|     unencumbered balance remaining at the end of fiscal year 1999
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0011|     shall revert to the severance tax bonding fund.  If the state
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0012|     highway and transportation department has not certified the need
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0013|     for the issuance of the bonds by the end of fiscal year 1998,
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0014|     the authorization provided in this section shall be void.
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0015|       Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                              
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