0001| SENATE BILL 40
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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| MARY JANE M. GARCIA
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0006|
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0007|
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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 FOR SEWER LINE EXTENSIONS FROM THE CITY OF
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0014| LAS CRUCES TO THE VILLAGE OF DONA ANA IN DONA ANA COUNTY; MAKING
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0015| AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding one hundred thousand
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0021| dollars ($100,000) when the department of environment certifies
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0022| the need for the issuance of the bonds. The state board of
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0023| finance shall schedule the issuance and sale of the bonds in the
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0024| most expeditious and economical manner possible upon a finding
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0025| by the board that the project has been developed sufficiently to
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0001| justify the issuance and that the project can proceed to
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0002| contract within a reasonable time. The state board of finance
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0003| shall further take the appropriate steps necessary to comply
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0004| with the Internal Revenue Code of 1986, as amended. The
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0005| proceeds from the sale of the bonds are appropriated to the
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0006| department of environment for the purpose of extending sewer
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0007| lines from the city of Las Cruces to the village of Dona Ana
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0008| located in Dona Ana county. Any unexpended or unencumbered
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0009| balance remaining six months after completion of the project
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0010| shall revert to the severance tax bonding fund. If the
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0011| department of environment has not certified the need for the
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0012| issuance of the bonds by the end of fiscal year 1999, the
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0013| authorization provided in this section shall be void.
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0014| Section 2. EMERGENCY.--It is necessary for the public
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0015| peace, health and safety that this act take effect immediately.
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0016| - 2 -
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0017|
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0018| FORTY-SECOND LEGISLATURE
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0019| SECOND SESSION, 1996
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0020|
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0021|
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0022| JANUARY 18, 1996
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0023|
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0024| Mr. President:
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0025|
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0001| Your COMMITTEES' COMMITTEE, to whom has been referred
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0002|
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0003| SENATE BILL 40
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0004|
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0005| has had it under consideration and finds same to be GERMANE, PURSUANT
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0006| TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE
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0007| FINANCE COMMITTEE.
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0008|
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0009| Respectfully submitted,
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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| SENATOR MANNY. M. ARAGON, Chairman
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0017|
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0018|
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0019| Adopted_______________________ Not Adopted_______________________
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0020| (Chief Clerk) (Chief Clerk)
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0021|
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0022|
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0023| Date ________________________
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0024|
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0025|
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0001|
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0002| The roll call vote was For Against
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0003| Yes:
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0004| No:
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0005| Excused:
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0006| Absent:
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0007|
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0008|
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0009| S0040CC1
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