0001|                         HOUSE BILL 676
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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|                          GARY K. KING
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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 FOR ROAD IMPROVEMENTS IN SANTA FE COUNTY;
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0014|     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 five hundred ninety thousand
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0021|     dollars ($590,000) when the state highway and transportation
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0022|     department certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the state highway and transportation department
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0007|     in the following amounts for the following purposes:
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0008|                 (1)  three hundred thousand dollars ($300,000)
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0009|     for improvements and paving of county road 8 for two miles west
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0010|     from state road 41 in Santa Fe county; and
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0011|                 (2)  two hundred ninety thousand dollars
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0012|     ($290,000) for improvements and paving a total of two and one-half miles of county road 42, at both its east and west ends, in
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0013|     Santa Fe 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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