0001|                           SENATE BILL 334
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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 ARTHUR SMITH
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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 THE CITY OF
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0013|     LORDSBURG IN HIDALGO COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014|     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 five
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0021|     hundred thousand dollars ($500,000) 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 making street
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0008|     improvements in the city of Lordsburg located in Hidalgo
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0009|     county.  Any unexpended or unencumbered balance remaining at
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0010|     the end of fiscal year 2000 shall revert to the severance tax
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0011|     bonding fund.  If the state highway and transportation
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0012|     department has not certified the need for the issuance of the
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0013|     bonds by the end of fiscal year 1999, the authorization
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0014|     provided in this section shall be void.
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                                  
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