0001| SENATE BILL 1039 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JOHN PINTO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CONSTRUCTION OF IMPROVEMENTS TO ROADS | 0013| IN THE AREA OF SANOSTEE AND LITTLEWATER NAVAJO CHAPTERS IN SAN | 0014| JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding sixty | 0021| thousand dollars ($60,000) when the state highway and | 0022| transportation department certifies the need for the issuance | 0023| of the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a | 0003| reasonable time. The state board of finance shall further take | 0004| the appropriate steps necessary to comply with the Internal | 0005| Revenue Code of 1986, as amended. The proceeds from the sale | 0006| of the bonds are appropriated to the state highway and | 0007| transportation department for the purpose of constructing | 0008| improvements to roads near Sanostee and Littlewater Navajo | 0009| chapters located in San Juan county. Any unexpended or | 0010| unencumbered balance remaining at the end of fiscal year 2000 | 0011| shall revert to the severance tax bonding fund. If the state | 0012| highway and transportation department has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1999, the authorization 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|  |