0001| SENATE BILL 752
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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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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 IMPROVEMENTS TO ROADS AND CONSTRUCTION
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0014| OF A NEW BRIDGE AND ROAD 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.--
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0019| A. The state board of finance may issue and sell
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0020| severance tax bonds in compliance with the Severance Tax Bonding
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0021| Act in an amount not exceeding three hundred fifty thousand
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0022| dollars ($350,000) when the state highway and transportation
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0023| department certifies the need for the issuance of the bonds.
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0024| The state board of finance shall schedule the issuance and sale
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0025| of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time. The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006| amended. The proceeds from the sale of the bonds are
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0007| appropriated to the state highway and transportation department
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0008| in the following amounts for the following purposes:
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0009| (1) one hundred fifty thousand dollars
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0010| ($150,000) to improve two miles of road N-108 in Tohatchi in
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0011| McKinley county; and
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0012| (2) two hundred thousand dollars ($200,000) to
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0013| design, and construct Red Willow Wash bridge, the Bicentennial
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0014| bridge and the road between the post office and new clinic in
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0015| Tohatchi in McKinley county.
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0016| B. 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. Any unexpended or unencumbered
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0020| balance remaining from the proceeds of severance tax bonds
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0021| issued pursuant to Subsection A of this section at the end of
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0022| fiscal year 1999 shall revert to the severance tax bonding fund.
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0023| Section 2. EMERGENCY.--It is necessary for the public
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0024| peace, health and safety that this act take effect immediately.
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0025|
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0001|
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0002| FORTY-SECOND LEGISLATURE
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0003| SECOND SESSION, 1996
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0004|
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0005|
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0006| JANUARY 31, 1996
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0007|
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0008| Mr. President:
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0009|
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0010| Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|
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0012| SENATE BILL 752
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0013|
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0014| has had it under consideration and finds same to be GERMANE, PURSUANT
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0015| TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0016| CULTURAL AFFAIRS COMMITTEE.
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0017|
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0018| Respectfully submitted,
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0019|
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| SENATOR MANNY M. ARAGON, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007| Date ________________________
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0008|
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0009|
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0010|
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0011| S0752CC1
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0012|
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0013| FORTY-SECOND LEGISLATURE
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0014| SECOND SESSION, 1996
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0015|
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0016|
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0017| February 4, 1996
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0018|
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0019| Mr. President:
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0020|
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0021| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0022| been referred
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0023|
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0024| SENATE BILL 752
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0025|
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0001| has had it under consideration and reports same with recommendation that
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0002| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0003|
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0004| Respectfully submitted,
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0005|
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0006|
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0007|
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0008| __________________________________
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0009| John Pinto, Chairman
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0010|
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0011|
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0012|
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0013| Adopted_______________________ Not Adopted_______________________
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0014| (Chief Clerk) (Chief Clerk)
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0015|
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0016|
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0017| Date ________________________
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0018|
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0019|
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0020| The roll call vote was 7 For 0 Against
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0021| Yes: 7
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0022| No: 0
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0023| Excused: Maes
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0024| Absent: None
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0025|
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0001|
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0002| S0752IC1
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0003|
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0004|
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