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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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
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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 <u> </u> For <u> </u> 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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0021|   
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0022|   
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0023|   
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