0001|                         HOUSE BILL 392
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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|                           FRED LUNA
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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 SURFACE AND IMPROVE ROADS IN VALENCIA
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0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|            A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax Bonding
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0020|     Act in an amount not exceeding two hundred thirty thousand four
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0021|     hundred thirty-seven dollars ($230,437) when the state highway
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0022|     and transportation department certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     state highway and transportation department in the following
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0008|     amounts for the following purposes:
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0009|                 (1)  eighty-eight thousand nine hundred sixty-three dollars ($88,963) to surface and improve Mesa road in
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0010|     Valencia county; and
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0011|                 (2)  one hundred forty-one thousand four hundred
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0012|     seventy-four dollars ($141,474) to surface and improve Peyton
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0013|     road in Valencia county.
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0014|            B.  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 1998, the authorization provided
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0017|     in this section shall be void.  Any unexpended or unencumbered
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0018|     balance remaining from the proceeds of severance tax bonds
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0019|     issued pursuant to Subsection A of this section at the end of
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0020|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0021|       Section 2.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.
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0023|                              
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