0001|                           HOUSE BILL 1143
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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|                           JAMES G. TAYLOR
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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 CERTAIN ROAD IMPROVEMENTS IN THE
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0013|     SOUTHWEST AREA OF BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH 
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding one hundred ninety-four
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0022|     thousand dollars ($194,000) when the state highway and
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0023|     transportation department certifies the need for the issuance
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0024|     of the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a
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0004|     reasonable time.  The state board of finance shall further take
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0005|     the appropriate steps necessary to comply with the Internal
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0006|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0007|     of the bonds are appropriated to the state highway and
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0008|     transportation department in the following amounts for the
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0009|     following purposes in Bernalillo county:
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0010|                    (1)  thirty-four thousand dollars ($34,000) to
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0011|     install street improvements to Country View road;
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0012|                    (2)  sixty thousand dollars ($60,000) to
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0013|     install street improvements to Michelle road;
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0014|                    (3)  fifty thousand dollars ($50,000) to
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0015|     install street improvements to Murchison road; and
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0016|                    (4)  fifty thousand dollars ($50,000) to
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0017|     install street improvements to Kirkview drive.
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0018|               B.  If the state highway and transportation
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0019|     department has not certified the need for the issuance of the
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0020|     bonds by the end of fiscal year 1999, the authorization
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0021|     provided in this section shall be void.  Any unexpended or
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0022|     unencumbered balance remaining from the proceeds of severance
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0023|     tax bonds issued pursuant to Subsection A of this section at
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0024|     the end of fiscal year 2000 shall revert to the severance tax
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0025|     bonding fund. 
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0001|          Section 2.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect immediately.
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0003|                              
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