0001| HOUSE BILL 833 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| J. "ANDY" KISSNER | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE PLANNING, DESIGN AND PURCHASE OF | 0013| RIGHTS OF WAY FOR A FRONTAGE ROAD AS AN IMPROVEMENT TO THE | 0014| UNITED STATES HIGHWAY 70 AND INTERSTATE 25 INTERCHANGE IN DONA | 0015| ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding one | 0022| million five hundred thousand dollars ($1,500,000) when the | 0023| state highway and transportation department certifies the need | 0024| for the issuance of the bonds. The state board of finance | 0025| shall schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| state highway and transportation department for the planning, | 0009| design and acquisition of rights of way for a frontage road | 0010| from the United States highway 70 and interstate 25 interchange | 0011| east nearly to the Onate high school in Dona Ana county. Any | 0012| unexpended or unencumbered balance remaining at the end of | 0013| fiscal year 2000 shall revert to the severance tax bonding | 0014| fund. If the state highway and transportation department has | 0015| not certified the need for the issuance of the bonds by the end | 0016| of fiscal year 1999, the authorization provided in this section | 0017| shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| |