0001| SENATE BILL 750
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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 A FEASIBILITY STUDY OF AND IMPROVEMENTS
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0014| TO A ROAD NEAR STANDING ROCK IN MCKINLEY COUNTY; MAKING AN
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0015| 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 seventy-five thousand
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0021| dollars ($75,000) 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 conducting a feasibility study of and making
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0008| improvements to a road from the United Nuclear mine to Standing
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0009| Rock, from the north end of Rio Lobo Canyon road to highway N-9
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0010| west of Standing Rock located in McKinley county. Any
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0011| unexpended or unencumbered balance remaining at the end of
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0012| fiscal year 1999 shall revert to the severance tax bonding fund.
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0013| If the state highway and transportation department has not
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0014| certified the need for the issuance of the bonds by the end of
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0015| fiscal year 1998, the authorization provided in this section
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0016| 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|
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0020|
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0021|
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0022| FORTY-SECOND LEGISLATURE
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0023| SECOND SESSION, 1996
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0024|
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0025|
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0001| JANUARY 31, 1996
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0002|
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0003| Mr. President:
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0004|
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0005| Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|
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0007| SENATE BILL 750
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0008|
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0009| has had it under consideration and finds same to be GERMANE, PURSUANT
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0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0011| CULTURAL AFFAIRS COMMITTEE.
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0012|
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0013| Respectfully submitted,
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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| __________________________________
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0019| SENATOR MANNY M. ARAGON, Chairman
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0020|
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0021|
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0022|
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0023| Adopted_______________________ Not Adopted_______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001|
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0002| Date ________________________
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0003|
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0004|
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0005|
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0006| S0750CC1
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0007|
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0008| FORTY-SECOND LEGISLATURE
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0009| SECOND SESSION, 1996
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0010|
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0011|
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0012| February 4, 1996
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0013|
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0014| Mr. President:
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0015|
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0016| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0017| been referred
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0018|
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0019| SENATE BILL 750
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0020|
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0021| has had it under consideration and reports same with recommendation that
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0022| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0023|
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0024| Respectfully submitted,
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0025|
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0001|
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0002|
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0003| __________________________________
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0004| John Pinto, Chairman
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0005|
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0006|
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0007|
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0008| Adopted_______________________ Not Adopted_______________________
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0009| (Chief Clerk) (Chief Clerk)
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0010|
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0011|
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0012| Date ________________________
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0013|
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0014|
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0015| The roll call vote was 7 For 0 Against
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0016| Yes: 7
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0017| No: 0
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0018| Excused: Maes
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0019| Absent: None
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0020|
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0021|
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0022| S0750IC1
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0023|
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0024|
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