0001|                           SENATE BILL 843
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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|                            PHIL A. GRIEGO
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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 THE INSTALLATION OF A TRAFFIC LIGHT AND
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0013|     RELATED IMPROVEMENTS AT MARTINEZ ROAD AND STATE ROAD 41 IN THE
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0014|     CITY OF MORIARTY IN TORRANCE COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding six
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0022|     hundred twenty-seven thousand four hundred forty-one dollars
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0023|     ($627,441) when the state highway and transportation department
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     state highway and transportation department for the purpose of
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0009|     installing a traffic light and related improvements at the
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0010|     intersection of Martinez road and state road 41 located in
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0011|     Moriarty in Torrance county.  Any unexpended or unencumbered
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0012|     balance remaining at the end of fiscal year 2000 shall revert
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0013|     to the severance tax bonding fund.  If the state department and
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0014|     transportation department has not certified the need for the
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0015|     issuance of the bonds by the end of fiscal year 1999, the
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0016|     authorization provided in this section shall be void.
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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