0001| SENATE BILL 286 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DIANNA J. DURAN | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR A ROAD PROJECT CONNECTING RIATA ROAD AND | 0014| HIGHWAY 54/70 IN OTERO COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN 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 two hundred forty-two | 0021| thousand dollars ($242,000) when the state highway and | 0022| transportation department certifies the need for the issuance of | 0023| the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the state highway and transportation | 0007| department for the purpose of designing and constructing a new | 0008| road connecting Riata road to highway 54/70 and for installing a | 0009| railroad crossing on the new road in Otero county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 1999 shall revert to the severance tax bonding fund. | 0012| If the state highway and transportation department has not | 0013| certified the need for the issuance of the bonds by the end of | 0014| fiscal year 1998, the authorization provided in this section | 0015| 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 26, 1996 | 0025| | 0001| Mr. President: | 0002| | 0003| Your COMMITTEES' COMMITTEE, to whom has been referred | 0004| | 0005| SENATE BILL 286 | 0006| | 0007| has had it under consideration and finds same to be GERMANE, PURSUNAT | 0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 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| S0286CC1 |