0001| HOUSE BILL 769 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| GARY K. KING | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR SANTA FE COUNTY ROAD PROJECTS IN HOUSE | 0013| DISTRICT 50; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0017| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax | 0020| Bonding Act in an amount not exceeding one million four hundred | 0021| fifty thousand dollars ($1,450,000) 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 in the following amounts for the | 0008| following purposes: | 0009| (1) three hundred thousand dollars ($300,000) | 0010| to make paving improvements to Santa Fe county road 54; | 0011| (2) three hundred thousand dollars ($300,000) | 0012| to make paving improvements to Santa Fe county road 8 for two | 0013| miles west of state road 41; | 0014| (3) two hundred thousand dollars ($200,000) to | 0015| make improvements to the road crossing of Santa Fe county road | 0016| 42 over Los Angeles arroyo; | 0017| (4) one hundred fifty thousand dollars | 0018| ($150,000) to make paving improvements to Santa Fe county road | 0019| 70A in the Pinon Hills subdivision; and | 0020| (5) five hundred thousand dollars ($500,000) | 0021| to acquire and transport road base replenishment for Santa Fe | 0022| county. | 0023| B. If the state highway and transportation | 0024| department has not certified the need for the issuance of the | 0025| bonds by the end of fiscal year 1999, the authorization | 0001| provided in this section shall be void. Any unexpended or | 0002| unencumbered balance remaining from the proceeds of severance | 0003| tax bonds issued pursuant to Subsection A of this section at | 0004| the end of fiscal year 2000 shall revert to the severance tax | 0005| bonding fund. | 0006| Section 2. EMERGENCY.--It is necessary for the public | 0007| peace, health and safety that this act take effect immediately. | 0008|  |