0001|                           HOUSE BILL 1044
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          BOBBIE K. MALLORY
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR VARIOUS STREET IMPROVEMENT PROJECTS IN
    |
0013|     ROY IN HARDING COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
    |
0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
    |
0019|               A.  The state board of finance may issue and sell
    |
0020|     severance tax bonds in compliance with the Severance Tax
    |
0021|     Bonding Act in an amount not exceeding three hundred thousand
    |
0022|     dollars ($300,000) when the state highway and transportation
    |
0023|     department certifies the need for the issuance of the bonds. 
    |
0024|     The state board of finance shall schedule the issuance and sale
    |
0025|     of the bonds in the most expeditious and economical manner
    |
0001|     possible upon a finding by the board that the project has been
    |
0002|     developed sufficiently to justify the issuance and that the
    |
0003|     project can proceed to contract within a reasonable time.  The
    |
0004|     state board of finance shall further take the appropriate steps
    |
0005|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0006|     amended.  The proceeds from the sale of the bonds are
    |
0007|     appropriated to the state highway and transportation department
    |
0008|     in the following amounts for the following purposes:
    |
0009|                    (1)  one hundred fifty thousand dollars
    |
0010|     ($150,000) to repair and pave streets in Roy in Harding county;
    |
0011|     and
    |
0012|                    (2)  one hundred fifty thousand dollars
    |
0013|     ($150,000) to repair curbs and pave approximately ten blocks of
    |
0014|     state highway 120 from Main street to the church in Roy in
    |
0015|     Harding county.
    |
0016|               B.  If the state highway and transportation
    |
0017|     department has not certified the need for the issuance of the
    |
0018|     bonds by the end of fiscal year 1999, the authorization
    |
0019|     provided in this section shall be void.  Any unexpended or
    |
0020|     unencumbered balance remaining from the proceeds of severance
    |
0021|     tax bonds issued pursuant to Subsection A of this section at
    |
0022|     the end of fiscal year 2000 shall revert to the severance tax
    |
0023|     bonding fund. 
    |
0024|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0025|     peace, health and safety that this act take effect immediately.
    |
0001|                                  
    |