0001| SENATE BILL 119
|
0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
|
0003| 1996
|
0004| INTRODUCED BY
|
0005| LEONARD LEE RAWSON
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011| AN ACT
|
0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0013| SEVERANCE TAX BONDS FOR DESIGN AND RIGHT-OF-WAY ACQUISITION FOR
|
0014| IMPROVEMENTS TO AND EXPANSION OF THE UNITED STATES HIGHWAY 70
|
0015| CORRIDOR NEAR INTERSTATE 25 IN LAS CRUCES IN DONA ANA COUNTY;
|
0016| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
|
0017|
|
0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
|
0020| and sell severance tax bonds in compliance with the Severance
|
0021| Tax Bonding Act in an amount not exceeding six million dollars
|
0022| ($6,000,000) when the state highway and transportation
|
0023| department certifies the need for the issuance of the bonds.
|
0024| The state board of finance shall schedule the issuance and sale
|
0025| of the bonds in the most expeditious and economical manner
|
0001| possible upon a finding by the board that the project has been
|
0002| developed sufficiently to justify the issuance and that the
|
0003| project can proceed to contract within a reasonable time. The
|
0004| state board of finance shall further take the appropriate steps
|
0005| necessary to comply with the Internal Revenue Code of 1986, as
|
0006| amended. The proceeds from the sale of the bonds are
|
0007| appropriated to the state highway and transportation department
|
0008| for the purpose of primary and final design work and right-of-
|
0009| way acquisition for improvements to and expansion of the United
|
0010| States highway 70 corridor near interstate 25 in Las Cruces
|
0011| located in Dona Ana county. Any unexpended or unencumbered
|
0012| balance remaining at the end of fiscal year 1999 shall revert to
|
0013| the severance tax bonding fund. If the state highway and
|
0014| transportation department has not certified the need for the
|
0015| issuance of the bonds by the end of fiscal year 1998, the
|
0016| authorization provided in this section shall be void.
|
0017| Section 2. EMERGENCY.--It is necessary for the public
|
0018| peace, health and safety that this act take effect immediately.
|
0019|
|
0020|
|
0021|
|
0022| FORTY-SECOND LEGISLATURE
|
0023| SECOND SESSION, 1996
|
0024|
|
0025|
|
0001| JANUARY 23, 1996
|
0002|
|
0003| Mr. President:
|
0004|
|
0005| Your COMMITTEES' COMMITTEE, to whom has been referred
|
0006|
|
0007| SENATE BILL 119
|
0008|
|
0009| has had it under consideration and finds same to be GERMANE, PURSUANT
|
0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the
|
0011| CORPORATIONS AND TRANSPORTATION COMMITTEE.
|
0012|
|
0013| Respectfully submitted,
|
0014|
|
0015|
|
0016|
|
0017|
|
0018| __________________________________
|
0019| SENATOR MANNY M. ARAGON, Chairman
|
0020|
|
0021|
|
0022|
|
0023| Adopted_______________________ Not Adopted_______________________
|
0024| (Chief Clerk) (Chief Clerk)
|
0025|
|
0001|
|
0002| Date ________________________
|
0003|
|
0004|
|
0005|
|
0006| S0119CC1
|
0007|
|
0008| FORTY-SECOND LEGISLATURE
|
0009| SECOND SESSION, 1996
|
0010|
|
0011|
|
0012| February 2, 1996
|
0013|
|
0014| Mr. President:
|
0015|
|
0016| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
|
0017| has been referred
|
0018|
|
0019| SENATE BILL 119
|
0020|
|
0021| has had it under consideration and reports same with recommendation that
|
0022| it DO PASS, and thence referred to the FINANCE COMMITTEE.
|
0023|
|
0024| Respectfully submitted,
|
0025|
|
0001|
|
0002|
|
0003| __________________________________
|
0004| Roman M. Maes, III, Chairman
|
0005|
|
0006|
|
0007|
|
0008| Adopted_______________________ Not Adopted_______________________
|
0009| (Chief Clerk) (Chief Clerk)
|
0010|
|
0011|
|
0012| Date ________________________
|
0013|
|
0014|
|
0015| The roll call vote was 5 For 0 Against
|
0016| Yes: 5
|
0017| No: 0
|
0018| Excused: Fidel, McKibben, Reagan, Robinson
|
0019| Absent: None
|
0020|
|
0021|
|
0022| S0119CT1
|
0023|
|
0024|
|