0001|                         HOUSE BILL 468
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                         MICHAEL OLGUIN
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO MAKE IMPROVEMENTS TO HOP CANYON ROAD
    |
0014|     LOCATED IN SOCORRO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0015|     EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0019|     and sell severance tax bonds in compliance with the Severance
    |
0020|     Tax Bonding Act in an amount not exceeding five hundred forty
    |
0021|     thousand dollars ($540,000) when the state highway and
    |
0022|     transportation department certifies the need for the issuance of
    |
0023|     the bonds.  The state board of finance shall schedule the
    |
0024|     issuance and sale of the bonds in the most expeditious and
    |
0025|     economical manner possible upon a finding by the board that the
    |
0001|     project has been developed sufficiently to justify the issuance
    |
0002|     and that the project can proceed to contract within a reasonable
    |
0003|     time.  The state board of finance shall further take the
    |
0004|     appropriate steps necessary to comply with the Internal Revenue
    |
0005|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0006|     bonds are appropriated to the state highway and transportation
    |
0007|     department for the purpose of making improvements to Hop Canyon
    |
0008|     road located in Socorro county.  Any unexpended or unencumbered
    |
0009|     balance remaining at the end of fiscal year 1999 shall revert to
    |
0010|     the severance tax bonding fund.  If the state highway and
    |
0011|     transportation department has not certified the need for the
    |
0012|     issuance of the bonds by the end of fiscal year 1998, the
    |
0013|     authorization provided in this section shall be void.
    |
0014|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                              
    |
0017|     
    |