0001| SENATE BILL 664
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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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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 THE RED LAKE SCHOOL BUS ROUTE IN
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0014| MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015| 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 thirty thousand
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0021| dollars ($30,000) 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 acquiring rights of way and obtaining
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0008| necessary archaeological clearances and environmental
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0009| assessments for the Red Lake school bus route, which runs from
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0010| the New Mexico-Arizona state line east to route N-12, located in
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0011| McKinley county. Any unexpended or unencumbered balance
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0012| remaining at the end of fiscal year 1999 shall revert to the
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0013| severance tax bonding fund. If the state highway and
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0014| transportation department has not certified the need for the
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0015| issuance of the bonds by the end of fiscal year 1998, the
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0016| authorization provided in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0019| - 2 -
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0020|
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0021| FORTY-SECOND LEGISLATURE
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0022| SECOND SESSION, 1996
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0023|
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0024|
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0025| JANUARY 31, 1996
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0001|
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0002| Mr. President:
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0003|
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0004| Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|
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0006| SENATE BILL 664
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0007|
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0008| has had it under consideration and finds same to be GERMANE, PURSUANT
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0009| TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0010| CULTURAL AFFAIRS COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0013|
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0014|
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0015|
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0016|
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0017| __________________________________
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0018| SENATOR MANNY M. ARAGON, Chairman
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0019|
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0020|
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0021|
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0022| Adopted_______________________ Not Adopted_______________________
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0023| (Chief Clerk) (Chief Clerk)
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0024|
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0025|
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0001| Date ________________________
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0002|
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0003|
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0004|
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0005| S0664CC1
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0006|
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0007| FORTY-SECOND LEGISLATURE
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0008| SECOND SESSION, 1996
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0009|
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0010|
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0011| February 2, 1996
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0012|
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0013| Mr. President:
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0014|
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0015| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0016| been referred
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0017|
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0018| SENATE BILL 664
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0019|
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0020| has had it under consideration and reports same with recommendation that
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0021| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0022|
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0023| Respectfully submitted,
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0024|
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0025|
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0001|
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0002| __________________________________
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0003| John Pinto, Chairman
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0004|
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0005|
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0006|
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0007| Adopted_______________________ Not Adopted_______________________
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0008| (Chief Clerk) (Chief Clerk)
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0009|
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0010|
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0011| Date ________________________
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0012|
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0013|
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0014| The roll call vote was 8 For 0 Against
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0015| Yes: 8
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0016| No: 0
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0017| Excused: None
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0018| Absent: None
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0019|
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0020|
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0021| SO664IC1
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0022|
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0023|
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