0001| HOUSE BILL 463 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JAMES G. TAYLOR | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR ROAD IMPROVEMENT PROJECTS IN THE | 0014| UNINCORPORATED SOUTH VALLEY OF BERNALILLO COUNTY; MAKING AN | 0015| 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 twenty | 0021| thousand dollars ($120,000) 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 improving and paving Hubbell | 0008| circle and Julie road in the unincorporated south valley of | 0009| Bernalillo county. Any unexpended or unencumbered balance | 0010| remaining at the end of fiscal year 1999 shall revert to the | 0011| severance tax bonding fund. If the state highway and | 0012| transportation department has not certified the need for the | 0013| issuance of the bonds by the end of fiscal year 1998, the | 0014| authorization provided in this section 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| - 2 - |