0001|                         HOUSE BILL 370
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                          EDDIE CORLEY
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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|     
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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 TO PLAN OR DESIGN THE EXPANSION OF ROUTE 66
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0014|     EAST OF GALLUP IN MCKINLEY COUNTY TO FOUR LANES; MAKING AN
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0015|     APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one hundred thousand
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0021|     dollars ($100,000) when the state highway and transportation
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0022|     department certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the state highway and transportation department
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0007|     for the purpose of planning or designing, completing preliminary
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0008|     work and completing a drainage report to widen route 66 in
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0009|     McKinley county to four lanes.  Any unexpended or unencumbered
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0010|     balance remaining at the end of fiscal year 1999 shall revert to
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0011|     the severance tax bonding fund.  If the state highway and
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0012|     transportation department has not certified the need for the
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0013|     issuance of the bonds by the end of fiscal year 1998, the
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0014|     authorization provided in this section 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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