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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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 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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0010|   
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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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0016|   
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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 <u> </u> For <u> </u> 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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