0001| HOUSE BILL 517 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| NICK L. SALAZAR | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO SANTA BARBARA ROAD IN | 0013| TAOS COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0018| issue and sell severance tax bonds in compliance with the | 0019| Severance Tax Bonding Act in an amount not exceeding one | 0020| hundred thousand dollars ($100,000) when the state highway and | 0021| transportation department certifies the need for the issuance | 0022| of the bonds. The state board of finance shall schedule the | 0023| issuance and sale of the bonds in the most expeditious and | 0024| economical manner possible upon a finding by the board that the | 0025| project has been developed sufficiently to justify the issuance | 0001| and that the project can proceed to contract within a | 0002| reasonable time. The state board of finance shall further take | 0003| the appropriate steps necessary to comply with the Internal | 0004| Revenue Code of 1986, as amended. The proceeds from the sale | 0005| of the bonds are appropriated to the state highway and | 0006| transportation department for the purpose of resurfacing and | 0007| improving Santa Barbara road located in Taos county. Any | 0008| unexpended or unencumbered balance remaining at the end of | 0009| fiscal year 2000 shall revert to the severance tax bonding | 0010| fund. If the state highway and transportation department has | 0011| not certified the need for the issuance of the bonds by the end | 0012| of fiscal year 1999, the authorization provided in this section | 0013| shall be void. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  |