0001| SENATE BILL 547
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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| ARTHUR H. RODARTE
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0005|
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0006|
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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 PLANNING, DESIGNING AND CONSTRUCTING A
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0014| BRIDGE ACROSS COYOTE CREEK ON COUNTY ROAD 212 IN COYOTE LOCATED
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0015| IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0016| EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0020| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021| issue and sell severance tax bonds in compliance with the
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0022| Severance Tax Bonding Act in an amount not exceeding seventy-
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0023| five thousand five hundred dollars ($75,500) when the state
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0024| highway and transportation department certifies the need for
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0025| the issuance of the bonds. The state board of finance shall
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0001| schedule the issuance and sale of the bonds in the most
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0002| expeditious and economical manner possible upon a finding by
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0003| the board that the project has been developed sufficiently to
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0004| justify the issuance and that the project can proceed to
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0005| contract within a reasonable time. The state board of finance
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0006| shall further take the appropriate steps necessary to comply
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0007| with the Internal Revenue Code of 1986, as amended. The
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0008| proceeds from the sale of the bonds are appropriated to the
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0009| state highway and transportation department for the purpose of
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0010| planning, designing and constructing a bridge across the Coyote
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0011| creek on county road 212 in Coyote located in Rio Arriba
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0012| county. Any unexpended or unencumbered balance remaining at
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0013| the end of fiscal year 2000 shall revert to the severance tax
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0014| bonding fund. If the state highway and transportation
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0015| department has not certified the need for the issuance of the
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0016| bonds by the end of fiscal year 1999, the authorization
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0017| provided in this section shall be void.
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0018| Section 2. EMERGENCY.--It is necessary for the public
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0019| peace, health and safety that this act take effect immediately.
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