0001|                           SENATE BILL 1229
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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 PINTO
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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 IMPROVEMENTS IN THE TWIN LAKES
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0013|     CHAPTER AREA OF MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0014|     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 five
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0021|     hundred thousand dollars ($500,000) when the state highway and
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0022|     transportation department certifies the need for the issuance
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0023|     of the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0006|     of the bonds are appropriated to the state highway and
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0007|     transportation department for the purpose of making
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0008|     improvements, including gravel covering, of four miles of
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0009|     Chapter House road east of the Twin Lakes chapter house located
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0010|     in McKinley county.  Any unexpended or unencumbered balance
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0011|     remaining at the end of fiscal year 2000 shall revert to the
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0012|     severance tax bonding fund.  If the state highway and
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0013|     transportation department has not certified the need for the
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0014|     issuance of the bonds by the end of fiscal year 1999, the
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0015|     authorization provided in this section 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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0018|                                  
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