0001| HOUSE BILL 428
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| MICHAEL OLGUIN
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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|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS TO REPAVE MUNICIPAL ROADS IN THE CITY OF
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0014| SOCORRO LOCATED IN SOCORRO 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding three hundred eight
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0021| thousand four hundred fifty-nine dollars ($308,459) when the
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0022| state highway and transportation department certifies the need
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0023| for the issuance of the bonds. The state board of finance shall
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0024| schedule the issuance and sale of the bonds in the most
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0025| expeditious and economical manner possible upon a finding by the
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0001| board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| state highway and transportation department for the purpose of
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0008| repaving municipal roads in the city of Socorro located in
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0009| Socorro county. Any unexpended or unencumbered balance
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0010| remaining at the end of fiscal year 1999 shall revert to the
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0011| severance tax bonding fund. If the state highway and
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0012| transportation department has not certified the need for the
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0013| issuance of the bonds by the end of fiscal year 1998, the
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0014| authorization provided in this section shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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