0001| SENATE BILL 547 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| ARTHUR H. RODARTE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR PLANNING, DESIGNING AND CONSTRUCTING A | 0014| BRIDGE ACROSS COYOTE CREEK ON COUNTY ROAD 212 IN COYOTE LOCATED | 0015| IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0020| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0021| issue and sell severance tax bonds in compliance with the | 0022| Severance Tax Bonding Act in an amount not exceeding seventy- | 0023| five thousand five hundred dollars ($75,500) when the state | 0024| highway and transportation department certifies the need for | 0025| the issuance of the bonds. The state board of finance shall | 0001| schedule the issuance and sale of the bonds in the most | 0002| expeditious and economical manner possible upon a finding by | 0003| the board that the project has been developed sufficiently to | 0004| justify the issuance and that the project can proceed to | 0005| contract within a reasonable time. The state board of finance | 0006| shall further take the appropriate steps necessary to comply | 0007| with the Internal Revenue Code of 1986, as amended. The | 0008| proceeds from the sale of the bonds are appropriated to the | 0009| state highway and transportation department for the purpose of | 0010| planning, designing and constructing a bridge across the Coyote | 0011| creek on county road 212 in Coyote located in Rio Arriba | 0012| county. Any unexpended or unencumbered balance remaining at | 0013| the end of fiscal year 2000 shall revert to the severance tax | 0014| bonding fund. If the state highway and transportation | 0015| department has not certified the need for the issuance of the | 0016| bonds by the end of fiscal year 1999, the authorization | 0017| provided in this section shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  |