0001|                            SENATE BILL 53
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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|                             GLORIA HOWES
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0005|     
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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 ROAD PROJECTS IN MCKINLEY COUNTY;
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0013|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding one million nine hundred
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0021|     seventy-two thousand eight hundred twenty dollars
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0022|     ($1,972,820) when the state highway and transportation
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0023|     department certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state highway and transportation department
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0008|     in the following amounts for the following purposes:
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0009|                    (1)  six hundred ninety-four thousand eight
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0010|     hundred twenty dollars ($694,820) to improve Rico street as
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0011|     access to the new Gallup-McKinley high school;
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0012|                    (2)  one hundred thousand dollars ($100,000) to
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0013|     complete feasibility and corridor studies for Nizohoni
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0014|     boulevard;
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0015|                    (3)  six hundred thousand dollars ($600,000) to
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0016|     complete feasibility and corridor studies and begin
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0017|     construction of the Hassler valley access road;
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0018|                    (4)  two hundred seventy-eight thousand dollars
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0019|     ($278,000) to improve Sundance road, McKinley county road 16;
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0020|     and 
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0021|                    (5)  three hundred thousand dollars ($300,000)
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0022|     to improve Coolidge road, McKinley county road 27 to McKinley
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0023|     county road 61.
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0024|               B.  If the state highway and transportation
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0025|     department has not certified the need for the issuance of the
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0001|     bonds by the end of fiscal year 1999, the authorization
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0002|     provided in this section shall be void.  Any unexpended or
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0003|     unencumbered balance remaining from the proceeds of severance
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0004|     tax bonds issued pursuant to Subsection A of this section at
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0005|     the end of fiscal year 2000 shall revert to the severance tax
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0006|     bonding fund. 
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0007|          Section 2.  EMERGENCY.--It is necessary for the public
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0008|     peace, health and safety that this act take effect immediately.
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0009|                                  
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