0001|                            HOUSE BILL 322
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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|                           STEVAN E. PEARCE
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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 STREET IMPROVEMENTS IN HOBBS IN LEA
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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.--The state board of finance may
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0018|     issue and sell severance tax bonds in compliance with the
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0019|     Severance Tax Bonding Act in an amount not exceeding two
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0020|     hundred fifty thousand dollars ($250,000) when the state
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0021|     highway and transportation department certifies the need for
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0022|     the issuance of the bonds.  The state board of finance shall
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0023|     schedule the issuance and sale of the bonds in the most
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0024|     expeditious and economical manner possible upon a finding by
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0025|     the board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     state highway and transportation department for the purpose of
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0007|     street improvements in Hobbs located in Lea county.  The
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0008|     certification and issuance of bonds is contingent upon the city
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0009|     of Hobbs providing three hundred thousand dollars ($300,000) in
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0010|     local matching funds.  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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0018|                                  
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0019|          
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