0001| SENATE BILL 282
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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| JOHN PINTO
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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 TO PLAN OR DESIGN THE EXPANSION OF ROUTE 66
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0014| EAST OF GALLUP IN MCKINLEY COUNTY TO FOUR LANES; MAKING AN
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0015| 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 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| for the purpose of planning or designing, completing preliminary
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0008| work and completing a drainage report to widen route 66 in
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0009| McKinley county to four lanes. Any unexpended or unencumbered
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0010| balance remaining at the end of fiscal year 1999 shall revert to
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0011| the severance tax bonding fund. If the state highway and
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0012| transportation department has not certified the need for the
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0013| issuance of the bonds by the end of fiscal year 1998, the
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0014| authorization provided in this section shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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0017|
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0018|
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0019| FORTY-SECOND LEGISLATURE
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0020| SECOND SESSION, 1996
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0021|
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0022|
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0023| JANUARY 26, 1996
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0024|
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0025| Mr. President:
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0001|
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0002| Your COMMITTEES' COMMITTEE, to whom has been referred
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0003|
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0004| SENATE BILL 282
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0005|
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0006| has had it under consideration and finds same to be GERMANE, PURSUNAT
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0007| TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0008| CULTURAL AFFAIRS COMMITTEE.
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0009|
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0010| Respectfully submitted,
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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| __________________________________
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0016| SENATOR MANNY M. ARAGON, Chairman
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0017|
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0018|
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0019|
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0020| Adopted_______________________ Not Adopted_______________________
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0021| (Chief Clerk) (Chief Clerk)
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0022|
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0023|
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0024| Date ________________________
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0025|
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0001|
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0002|
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0003| S0282CC1
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0004|
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0005| FORTY-SECOND LEGISLATURE
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0006| SECOND SESSION, 1996
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0007|
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0008|
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0009| January 30, 1996
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0010|
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0011| Mr. President:
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0012|
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0013| Your SENATE INDIAN & CULTURAL AFFAIRS COMMITTEE, to
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0014| whom has been referred
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0015|
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0016| SENATE BILL 282
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0017|
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0018| has had it under consideration and reports same with recommendation that
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0019| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0020|
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0021| Respectfully submitted,
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0022|
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0023|
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0024|
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0025| __________________________________
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0001| John Pinto, Chairman
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0002|
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0003|
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0004|
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0005| Adopted_______________________ Not Adopted_______________________
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0006| (Chief Clerk) (Chief Clerk)
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0007|
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0008|
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0009|
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0010| Date ________________________
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0011|
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0012|
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0013| The roll call vote was 8 For 0 Against
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0014| Yes: 8
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0015| No: 0
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0016| Excused: None
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0017| Absent: None
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0018|
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0019|
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0020| SO282IC1
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0021|
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