0001| SENATE BILL 520
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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| PHILLIP J. MALOOF
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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 STREET IMPROVEMENTS IN THE
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0013| SOUTH VALLEY AREA OF BERNALILLO COUNTY; MAKING AN
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0014| APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding seventy-
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0021| five thousand dollars ($75,000) when the state highway and
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0022| transportation department certifies the need for the issuance
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0023| of the bonds. The state board of finance shall schedule the
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0024| issuance and sale of the bonds in the most expeditious and
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0025| economical manner possible upon a finding by the board that the
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0001| project has been developed sufficiently to justify the issuance
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0002| and that the project can proceed to contract within a
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0003| reasonable time. The state board of finance shall further take
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0004| the appropriate steps necessary to comply with the Internal
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0005| Revenue Code of 1986, as amended. The proceeds from the sale
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0006| of the bonds are appropriated to the state highway and
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0007| transportation department for the purpose of planning,
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0008| designing, right-of-way purchase, improving and constructing
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0009| improvements of Mae, Gatewood and Five Points roads in the
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0010| south valley area located in Bernalillo county. Any unexpended
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0011| or unencumbered balance remaining at the end of fiscal year
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0012| 2000 shall revert to the severance tax bonding fund. If the
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0013| state highway and transportation department has not certified
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0014| the need for the issuance of the bonds by the end of fiscal
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0015| year 1999, the authorization provided in this section shall be
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0016| void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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