0001|                        SENATE BILL 296
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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|                          PETE CAMPOS
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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 CERTAIN CAPITAL PROJECTS IN LINCOLN
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0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|            A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax Bonding
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0020|     Act in an amount not exceeding one million eight hundred fifty
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0021|     thousand dollars ($1,850,000) when the property control division
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0022|     of the general services department certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     property control division of the general services department in
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0008|     the following amounts for the following purposes:
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0009|                 (1)  one million five hundred thousand dollars
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0010|     ($1,500,000) to make infrastructure improvements to Fort Stanton
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0011|     hospital and training school located in Lincoln county; and
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0012|                 (2)  three hundred fifty thousand dollars
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0013|     ($350,000) to renovate a working ranch or farm to be used as an
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0014|     environmental work camp at camp Sierra Blanca located in Lincoln
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0015|     county.
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0016|            B.  If the property control division of the general
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0017|     services department has not certified the need for the issuance
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0018|     of the bonds by the end of fiscal year 1998, the authorization
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0019|     provided in this section shall be void.  Any unexpended or
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0020|     unencumbered balance remaining from the proceeds of severance
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0021|     tax bonds issued pursuant to Subsection A of this section at the
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0022|     end of fiscal year 1999 shall revert to the severance tax
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0023|     bonding fund. 
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0024|       Section 2.  EMERGENCY.--It is necessary for the public
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0025|         peace, health and safety that this act take effect immediately.  
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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 26, 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 296
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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 FINANCE
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0016|   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|   S0296CC1
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