0001|                         SENATE BILL 158
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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|                        DIANNA J. DURAN
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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 THE PURCHASE OF A VEHICLE TO BE USED IN
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0014|     NORTHERN NEW MEXICO AND TO MAKE REPAIRS TO FACILITIES OF THE
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0015|     OFFICE OF CULTURAL AFFAIRS THROUGHOUT THE STATE; MAKING AN
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0016|     APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not exceeding eight hundred fifty thousand
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0023|     dollars ($850,000) when the office of cultural affairs certifies
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0024|     the need for the issuance of the bonds.  The state board of
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0025|     finance shall schedule the issuance and sale of the bonds in the
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0001|     most expeditious and economical manner possible upon a finding
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0002|     by the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     office of cultural affairs in the following amounts for the
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0009|     following purposes:
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0010|                 (1)  seven hundred fifty thousand dollars
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0011|     ($750,000) to make repairs to facilities throughout the state;
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0012|     and
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0013|                 (2)  one hundred thousand dollars ($100,000) to
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0014|     replace a bookmobile vehicle to be used in northern New Mexico.
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0015|            B.  If the office of cultural affairs has not
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0016|     certified the need for the issuance of the bonds by the end of
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0017|     fiscal year 1999, the authorization provided in this section
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0018|     shall be void.  Any unexpended or unencumbered balance remaining
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0019|     from the proceeds of severance tax bonds issued pursuant to
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0020|     Subsection A of this section at the end of fiscal year 2000
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0021|     shall revert to the severance tax bonding fund. 
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0022|       Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                              
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0025|             
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0001|   
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0002|                    FORTY-SECOND LEGISLATURE
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0003|                      SECOND SESSION, 1996
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0004|   
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0005|   
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0006|                                              JANUARY 24, 1996
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0007|   
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0008|   Mr. President:
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0009|   
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0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|   
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0012|                           SENATE BILL 158
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0013|   
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0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the
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0016|   CONSERVATION COMMITTEE.
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0017|   
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0018|                              Respectfully submitted,
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0019|   
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0020|   
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0021|   
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0022|   
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0023|                              __________________________________
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0024|                              SENATOR MANNY M. ARAGON, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________ Not Adopted_______________________
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0004|             (Chief Clerk)                        (Chief Clerk)
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   
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0011|     S0158CC1
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0012|   
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0013|                      FORTY-SECOND LEGISLATURE
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0014|                        SECOND SESSION, 1996
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0015|   
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0016|   
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0017|                                                   February 6, 1996
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0018|   
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0019|   Mr. President:
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0020|   
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0021|     Your CONSERVATION COMMITTEE, to whom has been referred
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0022|   
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0023|                           SENATE BILL 158
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0024|   
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0025|   has had it under consideration and reports same with recommendation that
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0001|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0002|   
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0003|                              Respectfully submitted,
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0004|   
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0005|   
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0006|   
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0007|                              __________________________________
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0008|                              TOM R. BENAVIDES, Chairman 
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0009|   
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0010|   
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0011|   
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0012|   Adopted_______________________ Not Adopted_______________________
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0013|             (Chief Clerk)                          (Chief Clerk)
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0014|   
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0015|   
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0016|                     Date ________________________
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0017|   
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0018|   
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0019|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
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0020|   Yes:  5
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0021|   No:        0
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0022|   Excused:   Rutherford, Tsosie, Vernon, Wray
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0023|   Absent:    0
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0024|   
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0025|   
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0001|   S0158CO1
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0002|   
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0003|   
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