0001|                            HOUSE BILL 168
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              FRED LUNA
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR ROAD PROJECTS IN BELEN IN VALENCIA
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0013|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -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
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0020|     Bonding Act in an amount not exceeding six hundred twenty-five
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0021|     thousand dollars ($625,000) when the state highway and
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0022|     transportation department certifies the need for the issuance
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0023|     of the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0006|     of the bonds are appropriated to the state highway and
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0007|     transportation department in the following amounts for the
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0008|     following purposes:
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0009|                    (1)  three hundred thousand dollars ($300,000)
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0010|     for improvements, including paving and reconstructing, to the
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0011|     streets in the city of Belen in Valencia county; and
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0012|                    (2)  three hundred twenty-five thousand dollars
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0013|     ($325,000) for street improvements, including storm drainage,
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0014|     reconstruction and drainage covering, from Baca street to
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0015|     Bernard street in Belen in Valencia county.
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0016|               B.  If the state highway and transportation
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0017|     department has not certified the need for the issuance of the
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0018|     bonds by the end of fiscal year 1999, the authorization
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0019|     provided in this section shall be void.  Any unexpended or
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0020|     unencumbered balance remaining from the proceeds of severance
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0021|     tax bonds issued pursuant to Subsection A of this section at
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0022|     the end of fiscal year 2000 shall revert to the severance tax
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0023|     bonding fund. 
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0024|          Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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