0001| HOUSE BILL 893
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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| EDDIE CORLEY
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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 A FEASIBILITY STUDY AND PRELIMINARY
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0013| WORK ON FOUR-LANING ROUTE 66 FROM INTERSTATE 40 INTERCHANGE 26
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0014| TO THE JUNCTION WITH STATE ROAD 566 IN MCKINLEY COUNTY; MAKING
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0015| AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020| issue and sell severance tax bonds in compliance with the
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0021| Severance Tax Bonding Act in an amount not exceeding one
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0022| hundred fifty thousand dollars ($150,000) when the state
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0023| highway and transportation department certifies the need for
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0024| the issuance of the bonds. The state board of finance shall
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0025| schedule the issuance and sale of the bonds in the most
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0001| expeditious and economical manner possible upon a finding by
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0002| the board that the project has been developed sufficiently to
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0003| justify the issuance and that the project can proceed to
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0004| contract within a reasonable time. The state board of finance
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0005| shall further take the appropriate steps necessary to comply
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0006| with the Internal Revenue Code of 1986, as amended. The
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0007| proceeds from the sale of the bonds are appropriated to the
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0008| state highway and transportation department for the purpose of
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0009| conducting a feasibility study and performing preliminary work
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0010| on four-laning route 66 from the east end of Gallup at
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0011| interstate 40 interchange 26 to the junction with state road
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0012| 566 located in McKinley county. Any unexpended or unencumbered
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0013| balance remaining at the end of fiscal year 2000 shall revert
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0014| to the severance tax bonding fund. If the state highway and
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0015| transportation department has not certified the need for the
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0016| issuance of the bonds by the end of fiscal year 1999, the
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0017| authorization provided in this section shall be void.
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0018| Section 2. EMERGENCY.--It is necessary for the public
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0019| peace, health and safety that this act take effect immediately.
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0020|
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