0001|                            HOUSE BILL 450
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                       JUDY VANDERSTAR RUSSELL
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR IMPROVEMENTS TO LOMA LARGA ROAD IN THE
    |
0013|     VILLAGE OF CORRALES IN SANDOVAL COUNTY; MAKING AN
    |
0014|     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-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding one
    |
0021|     million forty-six thousand five hundred dollars
    |
0022|     ($1,046,500) when the state highway and transportation
    |
0023|     department certifies the need for the issuance of the bonds. 
    |
0024|     The state board of finance shall schedule the issuance and sale
    |
0025|     of the bonds in the most expeditious and economical manner
    |
0001|     possible upon a finding by the board that the project has been
    |
0002|     developed sufficiently to justify the issuance and that the
    |
0003|     project can proceed to contract within a reasonable time.  The
    |
0004|     state board of finance shall further take the appropriate steps
    |
0005|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0006|     amended.  The proceeds from the sale of the bonds are
    |
0007|     appropriated to the state highway and transportation department
    |
0008|     for the purpose of right-of-way acquisition, paving and
    |
0009|     improvements to Loma Larga road in the village of Corrales
    |
0010|     located in Sandoval county.  Any unexpended or unencumbered
    |
0011|     balance remaining at the end of fiscal year 2000 shall revert
    |
0012|     to the severance tax bonding fund.  If the state highway and
    |
0013|     transportation department has not certified the need for the
    |
0014|     issuance of the bonds by the end of fiscal year 1999, the
    |
0015|     authorization provided in this section shall be void.
    |
0016|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                            - 2 -
    |