0001|                         HOUSE BILL 496
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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|                       PATSY G. TRUJILLO
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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 MAKE IMPROVEMENTS TO VARIOUS ROADS IN
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0014|     SANTA FE COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     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.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding three million four hundred
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0022|     seventy-five thousand dollars ($3,475,000) when the state
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0023|     highway and transportation department certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by the
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0002|     board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state highway and transportation department in the following
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0009|     amounts for the following purposes:
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0010|                 (1)  three hundred fifty thousand dollars
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0011|     ($350,000) to re-pave avenida Vista Grande from United States
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0012|     285 to the railroad tracks in Santa Fe county;
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0013|                 (2)  three hundred thousand dollars ($300,000)
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0014|     to make paving improvements to county road 54 from Rancho de las
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0015|     Golondrinas to county road 56 in Santa Fe county;
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0016|                 (3)  three hundred thousand dollars ($300,000)
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0017|     to make paving improvements to county road 8 from state road 41
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0018|     down two miles in Santa Fe county;
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0019|                 (4)  two hundred thousand dollars ($200,000) to
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0020|     continue paving improvements to county road 72 in Santa Fe
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0021|     county;
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0022|                 (5)  four hundred twenty thousand dollars
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0023|     ($420,000) to re-pave Agua Fria road from Airport road to the
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0024|     city limits of Santa Fe in Santa Fe county;
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0025|                 (6)  one hundred fifty thousand dollars
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0001|     ($150,000) to continue paving improvements to county road 62 in
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0002|     Santa Fe county;
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0003|                 (7)  one hundred fifty thousand dollars
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0004|     ($150,000) to pave county road 6 in Santa Fe county;
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0005|                 (8)  eight hundred thousand dollars ($800,000)
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0006|     to plan, design and construct a bridge over county road 91A in
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0007|     Santa Fe county;
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0008|                 (9)  two hundred ninety thousand dollars
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0009|     ($290,000) to pave the east and west end of county road 42 in
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0010|     Santa Fe county;
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0011|                 (10)  seventy thousand dollars ($70,000) to pave
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0012|     county road 9 in Santa Fe county;
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0013|                 (11)  seventy thousand dollars ($70,000) to
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0014|     continue paving county road 67A through Canada de los Alamos in
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0015|     Santa Fe county;
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0016|                 (12)  one hundred fifty thousand dollars
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0017|     ($150,000) to make paving improvements to county road 85 in
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0018|     Santa Fe county;
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0019|                 (13)  one hundred fifty thousand dollars
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0020|     ($150,000) to make paving improvements to county road 60 in
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0021|     Santa Fe county; and
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0022|                 (14)  seventy-five thousand dollars ($75,000) to
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0023|     make paving improvements to county road 86 in Santa Fe county.
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0024|            B.  If the state highway and transportation
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0025|     department has not certified the need for the issuance of the
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0001|     bonds by the end of fiscal year 1998, the authorization provided
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0002|     in this section shall be void.  Any unexpended or unencumbered
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0003|     balance remaining from the proceeds of severance tax bonds
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0004|     issued pursuant to Subsection A of this section at the end of
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0005|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0006|       Section 2.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect immediately.
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0008|                              
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0009|     
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