0001| HOUSE BILL 450 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JUDY VANDERSTAR RUSSELL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO LOMA LARGA ROAD IN THE | 0013| VILLAGE OF CORRALES IN SANDOVAL COUNTY; MAKING AN | 0014| APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding one | 0021| million forty-six thousand five hundred dollars | 0022| ($1,046,500) when the state highway and transportation | 0023| department certifies the need for the issuance of the bonds. | 0024| The state board of finance shall schedule the issuance and sale | 0025| of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the state highway and transportation department | 0008| for the purpose of right-of-way acquisition, paving and | 0009| improvements to Loma Larga road in the village of Corrales | 0010| located in Sandoval county. Any unexpended or unencumbered | 0011| balance remaining at the end of fiscal year 2000 shall revert | 0012| to the severance tax bonding fund. If the state highway and | 0013| transportation department has not certified the need for the | 0014| issuance of the bonds by the end of fiscal year 1999, the | 0015| authorization provided 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| - 2 - |