0001| HOUSE BILL 1152 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| LEO C. WATCHMAN | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR RECONSTRUCTION OF THE INTERSECTION OF | 0013| UNITED STATES HIGHWAYS 64 AND 666 IN SHIPROCK IN SAN JUAN | 0014| COUNTY; 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 nine | 0021| hundred fifty thousand dollars ($950,000) when the state | 0022| highway and transportation department certifies the need for | 0023| the issuance of the bonds. The state board of finance shall | 0024| schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by | 0001| the board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| state highway and transportation department for the purpose of | 0008| planning, designing or constructing highway safety improvements | 0009| to the intersection of United States highway 666 and United | 0010| States highway 64 in Shiprock located in Juan county. Any | 0011| unexpended or unencumbered balance remaining at the end of | 0012| fiscal year 2000 shall revert to the severance tax bonding | 0013| fund. If the state highway and transportation department has | 0014| not certified the need for the issuance of the bonds by the end | 0015| of fiscal year 1999, the authorization provided in this section | 0016| shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |