0001| SENATE BILL 70
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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| ELIZABETH T. STEFANICS
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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 TO SURFACE AND IMPROVE ROADS IN SANTA FE
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0014| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018| A. The state board of finance may issue and sell
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0019| severance tax bonds in compliance with the Severance Tax Bonding
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0020| Act in an amount not exceeding one million forty-five thousand
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0021| dollars ($1,045,000) when the state highway and transportation
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0022| department certifies the need for the issuance of the bonds.
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0023| The state board of finance shall schedule the issuance and sale
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0024| of the bonds in the most expeditious and economical manner
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0025| possible upon a finding by the board that the project has been
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0001| developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the state highway and transportation department
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0007| in the following amounts for the following purposes:
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0008| (1) three hundred thousand dollars ($300,000)
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0009| to surface and improve county road 54 in Santa Fe county;
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0010| (2) one hundred fifty thousand dollars
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0011| ($150,000) to surface and improve county road 62 in Santa Fe
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0012| county;
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0013| (3) seventy-five thousand dollars ($75,000) to
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0014| surface and improve county road 86 in Santa Fe county;
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0015| (4) one hundred fifty thousand dollars
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0016| ($150,000) to surface and improve county road 6 in Santa Fe
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0017| county;
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0018| (5) seventy thousand dollars ($70,000) to
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0019| surface and improve county road 9 in Santa Fe county; and
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0020| (6) three hundred thousand dollars ($300,000)
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0021| to surface and improve county road 8 in Santa Fe county.
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0022| B. If the state highway and transportation
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0023| department has not certified the need for the issuance of the
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0024| bonds by the end of fiscal year 1998, the authorization provided
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0025| in this section shall be void. Any unexpended or unencumbered
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0001| balance remaining from the proceeds of severance tax bonds
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0002| issued pursuant to Subsection A of this section at the end of
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0003| fiscal year 1999 shall revert to the severance tax bonding fund.
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0004| Section 2. EMERGENCY.--It is necessary for the public
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0005| peace, health and safety that this act take effect immediately.
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0006|
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0007|
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0008| FORTY-SECOND LEGISLATURE
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0009| SECOND SESSION, 1996
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0010|
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0011|
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0012| JANUARY 18, 1996
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0013|
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0014| Mr. President:
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0015|
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0016| Your COMMITTEES' COMMITTEE, to whom has been referred
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0017|
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0018| SENATE BILL 70
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0019|
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0020| has had it under consideration and finds same to be GERMANE, PURSUANT
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0021| TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE
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0022| FINANCE COMMITTEE.
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0023|
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0024| Respectfully submitted,
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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| __________________________________
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0005| SENATOR MANNY M. ARAGON, Chairman
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0006|
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0007|
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0008|
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0009| Adopted_______________________ Not Adopted_______________________
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0010| (Chief Clerk) (Chief Clerk)
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0011|
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0012|
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0013| Date ________________________
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0014|
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0015|
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0016|
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0017| The roll call vote was For Against
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0018| Yes:
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0019| No:
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0020| Excused:
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0021| Absent:
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0022|
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0023|
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0024| S0070CC1
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