0001|                         HOUSE BILL 510
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                           RON GENTRY
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO ACQUIRE LAND AND DESIGN, CONSTRUCT AND
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0014|     EQUIP A COMMUTER HIGHWAY AND RIVER CROSSING FROM INTERSTATE 25
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0015|     BETWEEN THE CITY OF BELEN AND THE VILLAGE OF LOS LUNAS TO THE
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0016|     EAST SIDE OF HIGHWAY 47 LOCATED IN VALENCIA COUNTY; MAKING AN
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0017|     APPROPRIATION; DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0021|     and sell severance tax bonds in compliance with the Severance
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0022|     Tax Bonding Act in an amount not exceeding twenty-seven million
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0023|     dollars ($27,000,000) when the state highway and transportation
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0024|     department certifies the need for the issuance of the bonds. 
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0025|     The state board of finance shall schedule the issuance and sale
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0001|     of the bonds in the most expeditious and economical manner
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0002|     possible upon a finding by the board that the project has been
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0003|     developed sufficiently to justify the issuance and that the
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0004|     project can proceed to contract within a reasonable time.  The
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0005|     state board of finance shall further take the appropriate steps
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0006|     necessary to comply with the Internal Revenue Code of 1986, as
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0007|     amended.  The proceeds from the sale of the bonds are
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0008|     appropriated to the state highway and transportation department
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0009|     for the purpose of acquiring land and designing, constructing
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0010|     and equipping a commuter highway and river crossing from
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0011|     interstate 25 between the city of Belen and the village of Los
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0012|     Lunas to the east side of highway 47 located in Valencia county. 
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0013|     Any unexpended or unencumbered balance remaining at the end of
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0014|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0015|     If the state highway and transportation department has not
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0016|     certified the need for the issuance of the bonds by the end of
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0017|     fiscal year 1998, the authorization provided in this section
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0018|     shall be void.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.

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0021|                                                       State of New Mexico
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0022|                    House of Representatives
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0023|   
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0024|                    FORTY-SECOND LEGISLATURE
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0025|                      SECOND SESSION, 1996
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0001|   
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0002|   
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0003|                                              February 6, 1996
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0004|   
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0005|   
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0006|   Mr. Speaker:
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0007|   
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0008|       Your TRANSPORTATION COMMITTEE, to whom has been
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0009|   referred
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0010|   
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0011|                         HOUSE BILL 510
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0012|                                
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0013|                                 has had it under consideration and reports same with
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0014|   recommendation that it DO PASS, and thence referred to the
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0015|   TAXATION AND REVENUE COMMITTEE.
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0016|   
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0017|                                Respectfully submitted,
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0018|   
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0019|   
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0020|   
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0021|                                <u>                                 
</u>    |
<u></u>0022| <u>  </u>                            Daniel P. Silva, Chairman
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0023|   
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0024|   
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0025|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0001| <u>  </u>
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0002|            (Chief Clerk)                       (Chief Clerk)
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0003|   
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0004|                      Date <u>            </u>
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0005|   
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0006|   The roll call vote was<u> 7 </u> For<u> 2 </u> Against
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0007|   Yes:          7
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0008|   No:      Christensen, Wallach
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0009|   Excused: Grau, Watchman, Olguin
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0010|   Absent:  None
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0011|   
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0012|   
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0013|   
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0014|                                                              
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0015|   H0510TC1
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