0001|                        SENATE BILL 729
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                       MICHAEL S. SANCHEZ
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS IN THE VILLAGE OF LOS
    |
0014|     LUNAS IN VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0015|     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 one million five
    |
0021|     hundred thousand dollars ($1,500,000) 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 phase I reconstruction of
    |
0008|     approximately three thousand five hundred feet of Los Lentes
    |
0009|     road in the village of Los Lunas located in Valencia county. 
    |
0010|     Any 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|                                              FEBRUARY 1, 1996
    |
0025|   
    |
0001|   Mr. President:
    |
0002|   
    |
0003|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0004|   
    |
0005|                           SENATE BILL 729
    |
0006|   
    |
0007|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
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|   S0729CC1
    |
0005|   
    |