0001|                         HOUSE BILL 593
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                       PATSY G. TRUJILLO
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR A ROAD BETWEEN AGUA FRIA STREET AND
    |
0014|     CERRILLOS ROAD IN SANTA FE IN SANTA FE COUNTY; MAKING AN
    |
0015|     APPROPRIATION; DECLARING AN 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 seven hundred
    |
0021|     thousand dollars ($700,000) 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 planning, designing and
    |
0008|     constructing a public road between Agua Fria street and
    |
0009|     Cerrillos road in the city of Santa Fe located in Santa Fe
    |
0010|     county.  Any unexpended or unencumbered balance remaining at the
    |
0011|     end of fiscal year 1999 shall revert to the severance tax
    |
0012|     bonding fund.  If the state highway and transportation
    |
0013|     department has not certified the need for the issuance of the
    |
0014|     bonds by the end of fiscal year 1998, the authorization provided
    |
0015|     in this section shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |
0019|     
    |