0001|                            HOUSE BILL 632
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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|                           LYNDA M. LOVEJOY
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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 TO COMPLETE AN ARCHAEOLOGICAL SURVEY AND
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0013|     DATA RECOVERY ON MCKINLEY COUNTY ROAD 19 NEAR BORREGO PASS
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0014|     LOCATED IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING
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0015|     AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding sixty
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0022|     thousand dollars ($60,000) when the state highway and
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0023|     transportation department certifies the need for the issuance
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0024|     of the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a
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0004|     reasonable time.  The state board of finance shall further take
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0005|     the appropriate steps necessary to comply with the Internal
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0006|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0007|     of the bonds are appropriated to the state highway and
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0008|     transportation department for the purpose of completing an
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0009|     archaeological survey and data recovery on McKinley county road
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0010|     19 near Borrego pass located in McKinley county.  Any
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0011|     unexpended or unencumbered balance remaining at the end of
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0012|     fiscal year 2000 shall revert to the severance tax bonding
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0013|     fund.  If the state highway and transportation department has
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0014|     not certified the need for the issuance of the bonds by the end
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0015|     of fiscal year 1999, the authorization provided in this section
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0016|     shall be void.
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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