0001| SENATE BILL 843 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PHIL A. GRIEGO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE INSTALLATION OF A TRAFFIC LIGHT AND | 0013| RELATED IMPROVEMENTS AT MARTINEZ ROAD AND STATE ROAD 41 IN THE | 0014| CITY OF MORIARTY IN TORRANCE COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding six | 0022| hundred twenty-seven thousand four hundred forty-one dollars | 0023| ($627,441) when the state highway and transportation department | 0024| certifies the need for the issuance of the bonds. The state | 0025| board of finance shall schedule the issuance and sale of the | 0001| bonds in the most expeditious and economical manner possible | 0002| upon a finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary | 0006| to comply with the Internal Revenue Code of 1986, as amended. | 0007| The proceeds from the sale of the bonds are appropriated to the | 0008| state highway and transportation department for the purpose of | 0009| installing a traffic light and related improvements at the | 0010| intersection of Martinez road and state road 41 located in | 0011| Moriarty in Torrance county. Any unexpended or unencumbered | 0012| balance remaining at the end of fiscal year 2000 shall revert | 0013| to the severance tax bonding fund. If the state department and | 0014| transportation department has not certified the need for the | 0015| issuance of the bonds by the end of fiscal year 1999, the | 0016| authorization provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |