0001|                           SENATE BILL 771
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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|                          NANCY E. RODRIGUEZ
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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 ROAD IMPROVEMENT PROJECTS IN SANTA FE
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0013|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding two hundred thousand
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0021|     dollars ($200,000) when the state highway and transportation
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0022|     department certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the state highway and transportation department
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0007|     in the following amounts for the following purposes:
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0008|                    (1)  one hundred thousand dollars ($100,000) to
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0009|     design, construct and improve roads in the Silverado northside
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0010|     subdivision located in Santa Fe county; and
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0011|                    (2)  one hundred thousand dollars (100,000) for
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0012|     design and construction of drainage and resurfacing
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0013|     improvements for county road 66 (Agua Fria road) located in
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0014|     Santa Fe county.
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0015|               B.  If the state highway and transportation
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0016|     department has not certified the need for the issuance of the
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0017|     bonds by the end of fiscal year 1999, the authorization
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0018|     provided in this section shall be void.  Any unexpended or
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0019|     unencumbered balance remaining from the proceeds of severance
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0020|     tax bonds issued pursuant to Subsection A of this section at
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0021|     the end of fiscal year 2000 shall revert to the severance tax
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0022|     bonding fund. 
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0023|          Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                  
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