0001| SENATE BILL 338
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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| JOHN ARTHUR SMITH
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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 STREET IMPROVEMENTS IN THE CITY OF
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0013| TRUTH OR CONSEQUENCES IN SIERRA COUNTY; MAKING AN
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0014| APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding one
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0021| million two hundred thirty-nine thousand nine hundred fifty
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0022| dollars ($1,239,950) 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| for the purpose of surfacing and improving streets in the city
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0009| of Truth or Consequences located in Sierra county. Any
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0010| unexpended or unencumbered balance remaining at the end of
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0011| fiscal year 2000 shall revert to the severance tax bonding
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0012| fund. If the state highway and transportation department has
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0013| not certified the need for the issuance of the bonds by the end
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0014| of fiscal year 1999, the authorization provided in this section
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0015| shall be void.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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