0001| SENATE BILL 15
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1996
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0003| INTRODUCED BY
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0004| PHILLIP J. MALOOF
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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
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0012| OF SEVERANCE TAX BONDS FOR CERTAIN ROAD AND SEWAGE
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0013| IMPROVEMENTS IN THE NORTH VALLEY AREA OF ALBUQUERQUE IN
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0014| BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015| EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW
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0018| MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH
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0020| ISSUED--APPROPRIATION OF PROCEEDS.--
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0021| A. The state board of finance may issue and
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0022| sell severance tax bonds in compliance with the Severance
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0023| Tax Bonding Act in an amount not exceeding eight million
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0024| dollars ($8,000,000) when the state highway and
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0025| transportation department certifies the need for the
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0001| issuance of the bonds. The state board of finance shall
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0002| schedule the issuance and sale of the bonds in the most
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0003| expeditious and economical manner possible upon a finding
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0004| by the board that the project has been developed
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0005| sufficiently to justify the issuance and that the project
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0006| can proceed to contract within a reasonable time. The
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0007| state board of finance shall further take the appropriate
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0008| steps necessary to comply with the Internal Revenue Code
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0009| of 1986, as amended. The proceeds from the sale of the
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0010| bonds are appropriated to the state highway and
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0011| transportation department for expenditure in Bernalillo
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0012| county in the following amounts for the following
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0013| purposes:
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0014| (1) five million dollars ($5,000,000) for
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0015| improvements to the north valley storm drain system and
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0016| roads in the north valley area of Albuquerque; and
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0017| (2) three million dollars ($3,000,000) for
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0018| site preparation, construction, installation, testing and
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0019| maintenance of a drainage water pump station at the
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0020| northeast corner of Rio Grande boulevard and Montano road.
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0021| B. Any unexpended or unencumbered balance
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0022| remaining at the end of fiscal year 1999 shall revert to
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0023| the severance tax bonding fund. If the state highway and
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0024| transportation department has not certified the need for
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0025| the issuance of the bonds by the end of fiscal year 1998,
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0001| the authorization provided in this section shall be void.
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0002| Section 2. EMERGENCY.--It is necessary for the
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0003| public peace, health and safety that this act take effect
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0004| immediately.
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0005| - -
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0006|
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0007| FORTY-SECOND LEGISLATURE
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0008| SECOND SESSION, 1996
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0009|
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0010|
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0011| JANUARY 18, 1996
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0012|
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0013| Mr. President:
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0014|
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0015| Your COMMITTEES' COMMITTEE, to whom has been referred
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0016|
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0017| SENATE BILL 15
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0018|
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0019| has had it under consideration and finds same to be GERMANE, PURSUANT
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0020| TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE
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0021| FINANCE COMMITTEE.
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0022|
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0023| Respectfully submitted,
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0024|
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0025|
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0001|
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0002|
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0003| __________________________________
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0004| SENATOR MANNY M. ARAGON, Chairman
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0005|
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0006|
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0007|
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0008| Adopted_______________________ Not Adopted_______________________
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0009| (Chief Clerk) (Chief Clerk)
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0010|
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0011|
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0012| Date ________________________
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0013|
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0014|
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0015|
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0016| The roll call vote was For Against
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0017| Yes:
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0018| No:
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0019| Excused:
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0020| Absent:
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0023|
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