0001| SENATE BILL 440 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS IN SAN MIGUEL COUNTY; | 0013| 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 seven | 0020| hundred thirty-six thousand three hundred forty-four dollars | 0021| ($736,344) when the state highway and transportation department | 0022| certifies the need for the issuance of the bonds. The state | 0023| board of finance shall schedule the issuance and sale of the | 0024| bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary | 0004| to comply with the Internal Revenue Code of 1986, as amended. | 0005| The proceeds from the sale of the bonds are appropriated to the | 0006| state highway and transportation department for the purpose of | 0007| improving county roads, including resurfacing, drainage | 0008| modifications and bridge replacement, located in San Miguel | 0009| county. Any unexpended or unencumbered balance remaining at | 0010| the end of fiscal year 2000 shall revert to the severance tax | 0011| bonding fund. If the state highway and transportation | 0012| department has not certified the need for the issuance of the | 0013| bonds by the end of fiscal year 1999, the authorization | 0014| 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|  |