0001| SENATE BILL 154 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PHILLIP J. MALOOF | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO CITY VIEW DRIVE, RIO | 0013| DRIVE AND RIM COURT ON THE WEST SIDE OF ALBUQUERQUE IN | 0014| BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0015| 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| hundred thousand dollars ($100,000) when the state highway and | 0023| transportation department certifies the need for the issuance | 0024| of the bonds. The state board of finance shall schedule the | 0025| issuance and sale of the bonds in the most expeditious and | 0001| economical manner possible upon a finding by the board that the | 0002| project has been developed sufficiently to justify the issuance | 0003| and that the project can proceed to contract within a | 0004| reasonable time. The state board of finance shall further take | 0005| the appropriate steps necessary to comply with the Internal | 0006| Revenue Code of 1986, as amended. The proceeds from the sale | 0007| of the bonds are appropriated to the state highway and | 0008| transportation department for the purpose of making road | 0009| improvements and enhancements, including design, development | 0010| and construction work, to City View drive, Rio drive and Rim | 0011| court near Old Coors drive on the west side of Albuquerque | 0012| located in Bernalillo county. Any unexpended or unencumbered | 0013| balance remaining at the end of fiscal year 2000 shall revert | 0014| to the severance tax bonding fund. If the state highway and | 0015| transportation department has not certified the need for the | 0016| issuance of the bonds by the end of fiscal year 1999, the | 0017| authorization provided in this section 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|  |