0001|                        SENATE BILL 370
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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 FOR COUNTY ROADS IN SANTA FE COUNTY; MAKING
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0014|     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 two hundred sixty-five thousand
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0021|     dollars ($265,000) 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 distribution in the following manner in Santa Fe county:
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0008|                 (1)  two hundred fifteen thousand dollars
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0009|     ($215,000) to surface and improve the first two miles of county
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0010|     road 42 where it meets state highway 14; and
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0011|                 (2)  fifty thousand dollars ($50,000) to improve
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0012|     two miles of county road 55 where it meets state highway 14,
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0013|     including grading, shaping and installing base course.
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0014|            B.  Any unexpended or unencumbered balance remaining
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0015|     at the end of fiscal year 1999 shall revert to the severance tax
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0016|     bonding fund.  If the state highway and transportation
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0017|     department has not certified the need for the issuance of the
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0018|     bonds by the end of fiscal year 1998, the authorization provided
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0019|     in this section shall be void.
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0020|       Section 2.  EMERGENCY.--It is necessary for the public
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0021|     peace, health and safety that this act take effect immediately.
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0022|                                    
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0023|   
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0024|                    FORTY-SECOND LEGISLATURE
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0025|                      SECOND SESSION, 1996
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0001|   
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0002|   
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0003|                                              JANUARY 27, 1996
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0004|   
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0005|   Mr. President:
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0006|   
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0007|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0008|   
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0009|                           SENATE BILL 370
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0010|   
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0011|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0012|   TO CONSTITUIONAL PROVISIONS, and thence referred to the  FINANCE
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0013|   COMMITTEE.
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0014|   
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0015|                              Respectfully submitted,
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0016|   
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0017|   
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0018|   
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0019|   
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0020|                              __________________________________
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0021|                              SENATOR MANNY M. ARAGON, Chairman 
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0022|   
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0023|   
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0024|   
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0025|   Adopted_______________________ Not Adopted_______________________
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0001|             (Chief Clerk)                        (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   
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0008|   S0370CC1
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