0001|                           SENATE BILL 442
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                             PETE CAMPOS
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS IN FORT SUMNER IN DE
    |
0013|     BACA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0017|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0018|     issue and sell severance tax bonds in compliance with the
    |
0019|     Severance Tax Bonding Act in an amount not exceeding twenty-
    |
0020|     five thousand dollars ($25,000) when the state highway and
    |
0021|     transportation department certifies the need for the issuance
    |
0022|     of the bonds.  The state board of finance shall schedule the
    |
0023|     issuance and sale of the bonds in the most expeditious and
    |
0024|     economical manner possible upon a finding by the board that the
    |
0025|     project has been developed sufficiently to justify the issuance
    |
0001|     and that the project can proceed to contract within a
    |
0002|     reasonable time.  The state board of finance shall further take
    |
0003|     the appropriate steps necessary to comply with the Internal
    |
0004|     Revenue Code of 1986, as amended.  The proceeds from the sale
    |
0005|     of the bonds are appropriated to the state highway and
    |
0006|     transportation department for the purpose of road improvements,
    |
0007|     including chipping and sealing, in Fort Sumner located in De
    |
0008|     Baca county.  Any unexpended or unencumbered balance remaining
    |
0009|     at the end of fiscal year 2000 shall revert to the severance
    |
0010|     tax bonding fund.  If the state highway and transportation
    |
0011|     department has not certified the need for the issuance of the
    |
0012|     bonds by the end of fiscal year 1999, the authorization
    |
0013|     provided in this section shall be void.
    |
0014|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                                  
    |