0001|                        SENATE BILL 366
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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|                     ELIZABETH T. STEFANICS
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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 TO FUND PHASE I OF THE PARKWOOD STORM
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0014|     DRAINAGE PROJECT IN THE CITY OF MORIARTY LOCATED IN TORRANCE
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0015|     COUNTY; MAKING AN 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 four hundred sixty
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0021|     thousand dollars ($460,000) when the state highway and
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0022|     transportation department certifies the need for the issuance of
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0023|     the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the state highway and transportation
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0007|     department for the purpose of funding phase I of the Parkwood
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0008|     storm drainage project in the city of Moriarty located in
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0009|     Torrance county.  Any unexpended or unencumbered balance
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0010|     remaining at the end of fiscal year 1999 shall revert to the
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0011|     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 29, 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 366
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0005|   
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0006|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0007|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0008|   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|   S0366CC1
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