0001| 
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0002|                         HOUSE BILL 305
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0003|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0004|     1996
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0005|                         INTRODUCED BY
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0006|                       SHERYL M. WILLIAMS
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0007|     
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0008|                                
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0009|     
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0010|     
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0011|     
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0012|                             AN ACT
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0013|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0014|     SEVERANCE TAX BONDS FOR PEDESTRIAN OVERPASSES ON GIBSON
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0015|     BOULEVARD IN ALBUQUERQUE IN BERNALLILO COUNTY; MAKING AN
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0016|     APPROPRIATION; DECLARING AN 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding eight hundred ten
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0022|     thousand dollars ($810,000) when the state highway and
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0023|     transportation department certifies the need for the issuance of
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0024|     the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|      
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0002|     economical manner possible upon a finding by the board that the
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0003|     project has been developed sufficiently to justify the issuance
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0004|     and that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  The proceeds from the sale of the
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0008|     bonds are appropriated to the state highway and transportation
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0009|     department for the purpose of planning, designing, right-of-way
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0010|     acquisition and construction of two pedestrian overpasses on
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0011|     Gibson boulevard in Albuquerque located in Bernalillo county. 
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0012|     Any unexpended or unencumbered balance remaining at the end of
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0013|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0014|     If the state highway and transportation department has not
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0015|     certified the need for the issuance of the bonds by the end of
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0016|     fiscal year 1998, the authorization provided in this section
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0017|     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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0020|                              -2-
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0021|     
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