0001|                         HOUSE BILL 669
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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|                     RICHARD "RAY" SANCHEZ
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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 MULTIPLE ROAD PROJECTS IN BERNALILLO
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0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding one million sixty thousand
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0022|     dollars ($1,060,000) when the state highway and transportation
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0023|     department certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state highway and transportation department 
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0008|     in the following amounts for the following purposes:
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0009|                 (1)  one hundred forty-six thousand dollars
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0010|     ($146,000) to pave Nashville avenue from La Vega road to
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0011|     Riverside road and from Isleta boulevard to Gatewood avenue in
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0012|     Bernalillo county;
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0013|                 (2)  eighty-two thousand dollars ($82,000) to
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0014|     pave Gatewood avenue from Nashville avenue to Sunset boulevard
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0015|     in Bernalillo county;
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0016|                 (3)  forty-one thousand dollars ($41,000) for
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0017|     chip sealing and drainage improvements to Fairhaven road from
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0018|     Sunset to Airway boulevards in Bernalillo county;
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0019|                 (4)  thirty-three thousand dollars ($33,000) for
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0020|     chip sealing and drainage improvements to Cannon drive from
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0021|     Cerro Vista to Bridge avenues in Bernalillo county;
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0022|                 (5)  twenty-two thousand dollars ($22,000) for
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0023|     chip sealing and drainage improvements to Hartline road from
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0024|     Atrisco lateral to Bridge avenue in Bernalillo county;
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0025|                 (6)  twelve thousand dollars ($12,000) for chip
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0001|     sealing and drainage improvements to Fairhaven road from Atrisco
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0002|     lateral to the east end of the road in Bernalillo county;
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0003|                 (7)  seventy-five thousand dollars ($75,000) for
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0004|     chip sealing and drainage improvements to Trujillo road east and
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0005|     west of Sunset boulevard in Bernalillo county;
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0006|                 (8)  eighty-four thousand dollars ($84,000) to
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0007|     make drainage improvements to roads in the Vito Romero area in
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0008|     Bernalillo county;
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0009|                 (9)  one hundred forty-six thousand dollars
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0010|     ($146,000) to plan, design and reconstruct C de Baca road in
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0011|     Bernalillo county;
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0012|                 (10)  eighty-five thousand dollars ($85,000) to
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0013|     plan, design and reconstruct Bonito circle in Bernalillo county;
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0014|                 (11)  one hundred five thousand dollars
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0015|     ($105,000) for drainage improvements to east Vito Romero road
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0016|     and Severo road in Bernalillo county;
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0017|                 (12)  one hundred twenty-five thousand dollars
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0018|     ($125,000) for overlay improvements to Bonito place and Vito
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0019|     Romero road and Bonito road in Bernalillo county; and
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0020|                 (13)  one hundred four thousand dollars
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0021|     ($104,000) for overlay improvements to east Vito Romero road and
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0022|     Severo road from Vito Romero road to La Vega road and from Perry
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0023|     boulevard to Isleta boulevard in Bernalillo county. 
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0024|            B.  If the state highway and transportation
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0025|     department has not certified the need for the issuance of the
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0001|     bonds by the end of fiscal year 1998, the authorization provided
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0002|     in this section shall be void.  Any unexpended or unencumbered
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0003|     balance remaining from the proceeds of severance tax bonds
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0004|     issued pursuant to Subsection A of this section at the end of
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0005|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0006|       Section 2.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect immediately.
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0008|                              
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0009|     
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