0001|                            HOUSE BILL 404
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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|                          R. DAVID PEDERSON
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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 PLANNING, DESIGNING AND CONSTRUCTING A
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0013|     CONTROLLED ACCESS INTERSECTION IN THE CITY OF GALLUP IN
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0014|     MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     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 two
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0022|     hundred fifty thousand dollars ($250,000) when the local
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0023|     government division of the department of finance and
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0024|     administration certifies the need for the issuance of the
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0025|     bonds.  The state board of finance shall schedule the issuance
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0001|     and sale of the bonds in the most expeditious and economical
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0002|     manner possible upon a finding by the board that the project
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0003|     has been developed sufficiently to justify the issuance and
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0004|     that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  The proceeds from the sale of the
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0008|     bonds are appropriated to the local government division of the
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0009|     department of finance and administration for the purpose of
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0010|     planning, designing and constructing a controlled access
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0011|     intersection at Rio street and Highway 66 avenue located in
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0012|     Gallup in McKinley county.  Any unexpended or unencumbered
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0013|     balance remaining at the end of fiscal year 2000 shall revert
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0014|     to the severance tax bonding fund.  If the local government
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0015|     division of the department of finance and administration has
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0016|     not certified the need for the issuance of the bonds by the end
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0017|     of fiscal year 1999, the authorization provided in this section
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0018|     shall be void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                                  
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