0001|                            HOUSE BILL 455
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                           JAMES G. TAYLOR
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO FUND AN ARCHAEOLOGICAL STUDY FOR THE
    |
0013|     PURPOSE OF DEVELOPING THE CULTURAL DATA NEEDED FOR HIGHWAY
    |
0014|     IMPROVEMENTS; MAKING AN 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 fifty
    |
0021|     thousand dollars ($50,000) when the state highway and
    |
0022|     transportation department certifies the need for the issuance
    |
0023|     of 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
    |
0003|     reasonable time.  The state board of finance shall further take
    |
0004|     the appropriate steps necessary to comply with the Internal
    |
0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
    |
0006|     of the bonds are appropriated to the state highway and
    |
0007|     transportation department for the purpose of funding an
    |
0008|     archaeological study necessary for the designation of certain
    |
0009|     streets as part of the Camino Real located in Bernalillo
    |
0010|     county.  Any unexpended or unencumbered balance remaining at
    |
0011|     the end of fiscal year 2000 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 1999, the authorization
    |
0015|     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|                                  
    |