0001|                            HOUSE BILL 891
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                             EDDIE CORLEY
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO PAVE AND IMPROVE RAINBOW TRAIL IN
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0013|     MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding seven
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0021|     hundred four thousand dollars ($704,000) when the state highway
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0022|     and transportation department certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     state highway and transportation department for the purpose of
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0008|     paving and improving Rainbow trail located in McKinley county. 
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0009|     Any unexpended or unencumbered balance remaining at the end of
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0010|     fiscal year 2000 shall revert to the severance tax bonding
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0011|     fund.  If the state highway and transportation department has
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0012|     not certified the need for the issuance of the bonds by the end
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0013|     of fiscal year 1999, the authorization provided in this section
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0014|     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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