0001| HOUSE BILL 286 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BARBARA A. PEREA CASEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE PURPOSE OF MAKING IMPROVEMENTS TO | 0014| CERTAIN STREETS IN THE TOWN OF HAGERMAN LOCATED IN CHAVES | 0015| COUNTY; MAKING AN APPROPRIATION; DECLARING AN 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding one hundred five | 0021| thousand dollars ($105,000) when the state highway and | 0022| transportation department certifies the need for the issuance of | 0023| the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the state highway and transportation | 0007| department for the purpose of making improvements to certain | 0008| streets in the town of Hagerman located in Chaves county. Any | 0009| unexpended or unencumbered balance remaining at the end of | 0010| fiscal year 1999 shall revert to the severance tax bonding fund. | 0011| If the state highway and transportation department has not | 0012| certified the need for the issuance of the bonds by the end of | 0013| fiscal year 1998, the authorization provided in this section | 0014| shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |