0001| HOUSE BILL 649 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| LYNDA M. LOVEJOY | 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 AND PAVE ROAD 52 AT | 0014| DALTON PASS IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; | 0015| 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 four hundred ninety-one thousand dollars ($491,000) when the state highway and | 0021| transportation department certifies the need for the issuance of | 0022| the bonds. The state board of finance shall schedule the | 0023| issuance and sale of the bonds in the most expeditious and | 0024| economical manner possible upon a finding by the board that the | 0025| project has been developed sufficiently to justify the issuance | 0001| and that the project can proceed to contract within a reasonable | 0002| time. The state board of finance shall further take the | 0003| appropriate steps necessary to comply with the Internal Revenue | 0004| Code of 1986, as amended. The proceeds from the sale of the | 0005| bonds are appropriated to the state highway and transportation | 0006| department for the purpose of making improvements to and paving | 0007| one and six-tenths miles of road 52 at Dalton pass located in | 0008| McKinley county. Any unexpended or unencumbered balance | 0009| remaining at the end of fiscal year 1999 shall revert to the | 0010| 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| |