0001| SENATE BILL 548 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| ARTHUR H. RODARTE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR PLANNING, DESIGNING AND CONSTRUCTING A | 0013| BRIDGE ACROSS THE RIO TUSAS CREEK ON COUNTY ROAD 271 LOCATED IN | 0014| RIO ARRIBA 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 forty-six | 0022| thousand eight hundred dollars ($46,800) when the state highway | 0023| and transportation department certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| state highway and transportation department for the purpose of | 0009| planning, designing and constructing a bridge across the Rio | 0010| Tusas creek on county road 271 in Las Tablas located in Rio | 0011| Arriba county. Any unexpended or unencumbered balance | 0012| remaining at the end of fiscal year 2000 shall revert to the | 0013| severance tax bonding fund. If the state highway and | 0014| transportation department has not certified the need for the | 0015| issuance of the bonds by the end of fiscal year 1999, the | 0016| authorization provided in this section 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|  |