0001|                        SENATE BILL 190
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                     ELIZABETH T. STEFANICS
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO PURCHASE VEHICLES FOR THE TORRANCE COUNTY
    |
0014|     SHERIFF'S OFFICE; MAKING AN APPROPRIATION; DECLARING AN
    |
0015|     EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0019|     and sell severance tax bonds in compliance with the Severance
    |
0020|     Tax Bonding Act in an amount not exceeding eighty thousand
    |
0021|     dollars ($80,000) when the local government division of the
    |
0022|     department of finance and administration certifies the need for
    |
0023|     the issuance of the bonds.  The state board of finance shall
    |
0024|     schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by the
    |
0001|     board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     local government division of the department of finance and
    |
0008|     administration for the purpose of purchasing vehicles for the
    |
0009|     sheriff's office located in Torrance county.  Any unexpended or
    |
0010|     unencumbered balance remaining at the end of fiscal year 1999
    |
0011|     shall revert to the severance tax bonding fund.  If the local
    |
0012|     government division of the department of finance and
    |
0013|     administration has not certified the need for the issuance of
    |
0014|     the bonds by the end of fiscal year 1998, the authorization
    |
0015|     provided in this section shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                                      
    |
0019|   
    |
0020|                    FORTY-SECOND LEGISLATURE
    |
0021|                      SECOND SESSION, 1996
    |
0022|   
    |
0023|   
    |
0024|                                              JANUARY 24, 1996
    |
0025|   
    |
0001|   Mr. President:
    |
0002|   
    |
0003|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0004|   
    |
0005|                           SENATE BILL 190
    |
0006|   
    |
0007|   has had it under consideration and finds same to be GERMANE, , and
    |
0008|   thence referred to the INDIAN AND CULTURAL AFFAIRS
    |
0009|   COMMITTEE.
    |
0010|   
    |
0011|                              Respectfully submitted,
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|   
    |
0016|                              __________________________________
    |
0017|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0018|   
    |
0019|   
    |
0020|   
    |
0021|   Adopted_______________________ Not Adopted_______________________
    |
0022|             (Chief Clerk)                        (Chief Clerk)
    |
0023|   
    |
0024|   
    |
0025|                     Date ________________________
    |
0001|   
    |
0002|   
    |
0003|   
    |
0004|     S0190CC1
    |
0005|   
    |
0006|                      FORTY-SECOND LEGISLATURE
    |
0007|                        SECOND SESSION, 1996
    |
0008|   
    |
0009|   
    |
0010|                                                   JANUARY 24, 1996
    |
0011|   
    |
0012|   Mr. President:
    |
0013|   
    |
0014|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0015|   
    |
0016|                           SENATE BILL 190
    |
0017|   
    |
0018|   has had it under consideration and finds same to be GERMANE, , and
    |
0019|   thence referred to the INDIAN AND CULTURAL AFFAIRS
    |
0020|   COMMITTEE.
    |
0021|   
    |
0022|                              Respectfully submitted,
    |
0023|   
    |
0024|   
    |
0025|   
    |
0001|   
    |
0002|                              __________________________________
    |
0003|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0004|   
    |
0005|   
    |
0006|   
    |
0007|   Adopted_______________________ Not Adopted_______________________
    |
0008|             (Chief Clerk)                        (Chief Clerk)
    |
0009|   
    |
0010|   
    |
0011|                     Date ________________________
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|   S0190CC1
    |