0001|                            HOUSE BILL 167
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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|                              FRED LUNA
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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 CONTINUING ROAD PROJECTS IN LOS LUNAS
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0013|     IN VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding five hundred twenty-five
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0022|     thousand nine hundred seventy-five dollars ($525,975) when the
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0023|     state highway and transportation department certifies the need
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0024|     for the issuance of the bonds.  The state board of finance
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0025|     shall schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state highway and transportation department in the following
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0009|     amounts for the following purposes:
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0010|                    (1)  two hundred fifty-six thousand eight
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0011|     hundred twenty-five dollars ($256,825) to continue improving
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0012|     Coronado street to Adobe lane in Los Lunas located in Valencia
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0013|     county; and
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0014|                    (2)  two hundred sixty-nine thousand one
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0015|     hundred fifty dollars ($269,150) to continue improving Adobe
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0016|     lane to Taylor road in Los Lunas located in Valencia county.
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0017|               B.  If the state highway and transportation
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0018|     department has not certified the need for the issuance of the
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0019|     bonds by the end of fiscal year 1999, the authorization
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0020|     provided in this section shall be void.  Any unexpended or
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0021|     unencumbered balance remaining from the proceeds of severance
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0022|     tax bonds issued pursuant to Subsection A of this section at
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0023|     the end of fiscal year 2000 shall revert to the severance tax
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0024|     bonding fund. 
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0025|          Section 2.  EMERGENCY.--It is necessary for the public
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0001|     peace, health and safety that this act take effect immediately.
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