0001| SENATE BILL 1066
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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| JOHN PINTO
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0006|
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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 IMPROVEMENT OF A SCHOOL BUS ROUTE TO
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0013| COYOTE CANYON IN MCKINLEY 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--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 one
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0021| hundred thousand dollars ($100,000) 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 improving and
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0008| paving one mile of a school bus route on county road 77 to
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0009| Coyote canyon in the Church Rock chapter area located in
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0010| McKinley county. Any unexpended or unencumbered balance
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0011| remaining at the end of fiscal year 2000 shall revert to the
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0012| severance tax bonding fund. If the state highway and
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0013| transportation department has not certified the need for the
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0014| issuance of the bonds by the end of fiscal year 1999, the
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0015| authorization provided in this section shall be void.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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