0001|                           HOUSE BILL 1218
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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|                              RON GENTRY
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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 ROAD IMPROVEMENTS IN VALENCIA COUNTY;
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0013|     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--PURPOSES FOR WHICH 
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0017|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding two hundred thousand two
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0021|     hundred thirty-six dollars ($200,236) when the state highway
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0022|     and transportation department certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     state highway and transportation department in the following
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0008|     amounts for the following purposes:
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0009|                    (1)  eighteen thousand three hundred eighty-
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0010|     nine dollars ($18,389) for improvements to Quail Run road
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0011|     located in Valencia county;
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0012|                    (2)  thirty thousand eight hundred forty-seven
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0013|     dollars ($30,847) for improvements to Navajo road located in
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0014|     Valencia county;
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0015|                    (3)  thirty-five thousand dollars ($35,000) for
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0016|     improvements to Goddard road located in Valencia county;
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0017|                    (4)  twenty-six thousand dollars ($26,000) for
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0018|     improvements to Tome and La Entrada roads located in Valencia
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0019|     county;
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0020|                    (5)  sixty thousand dollars ($60,000) for
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0021|     improvements to Berryhill Farms road located in Valencia
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0022|     county; and
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0023|                    (6)  thirty thousand dollars ($30,000) for
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0024|     improvements to Winston road located in Valencia county.
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0025|               B.  If the state highway and transportation
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0001|     department has not certified the need for the issuance of the
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0002|     bonds by the end of fiscal year 1999, the authorization
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0003|     provided in this section shall be void.  Any unexpended or
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0004|     unencumbered balance remaining from the proceeds of severance
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0005|     tax bonds issued pursuant to Subsection A of this section at
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0006|     the end of fiscal year 2000 shall revert to the severance tax
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0007|     bonding fund. 
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0008|          Section 2.  EMERGENCY.--It is necessary for the public
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0009|     peace, health and safety that this act take effect immediately.
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0010|                                  
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