0001| SENATE BILL 787
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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 CONSTRUCTION AND GRAVELING OF PHASE
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0014| II FOUR MILES OF THE MCKINLEY COUNTY ROAD 77 IN MCKINLEY COUNTY;
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0015| MAKING AN 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 one hundred twenty
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0021| thousand dollars ($120,000) when the state highway and
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0022| transportation department certifies the need for the issuance of
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0023| the bonds. The state board of finance shall schedule the
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0024| issuance and sale of the bonds in the most expeditious and
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0025| economical manner possible upon a finding by the board that the
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0001| project has been developed sufficiently to justify the issuance
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0002| and that the project can proceed to contract within a reasonable
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0003| time. The state board of finance shall further take the
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0004| appropriate steps necessary to comply with the Internal Revenue
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0005| Code of 1986, as amended. The proceeds from the sale of the
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0006| bonds are appropriated to the state highway and transportation
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0007| department for the purpose of constructing and graveling the
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0008| phase II four miles of McKinley county road 77 located in
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0009| McKinley county. Any unexpended or unencumbered balance
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0010| remaining at the end of fiscal year 1999 shall revert to the
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0011| severance tax bonding fund. If the state highway and
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0012| transportation department has not certified the need for the
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0013| issuance of the bonds by the end of fiscal year 1998, the
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0014| authorization provided in this section shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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0017|
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0018|
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0019|
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0020| FORTY-SECOND LEGISLATURE
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0021| SECOND SESSION, 1996
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0022|
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0023|
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0024| JANUARY 31, 1996
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0025|
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0001| Mr. President:
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0002|
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0003| Your COMMITTEES' COMMITTEE, to whom has been referred
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0004|
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0005| SENATE BILL 787
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0006|
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0007| has had it under consideration and finds same to be GERMANE, PURSUANT
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0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0009| CULTURAL AFFAIRS COMMITTEE.
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0010|
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0011| Respectfully submitted,
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0012|
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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| SENATOR MANNY M. ARAGON, Chairman
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0018|
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0019|
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0020|
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0021| Adopted_______________________ Not Adopted_______________________
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024|
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0025| Date ________________________
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0001|
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0002|
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0003|
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0004| S0787CC1
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0005|
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0006| FORTY-SECOND LEGISLATURE
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0007| SECOND SESSION, 1996
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0008|
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0009|
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0010| February 4, 1996
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0011|
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0012| Mr. President:
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0013|
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0014| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0015| been referred
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0016|
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0017| SENATE BILL 787
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0018|
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0019| has had it under consideration and reports same with recommendation that
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0020| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0021|
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0022| Respectfully submitted,
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0023|
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0024|
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0025|
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0001| __________________________________
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0002| John Pinto, Chairman
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0003|
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0004|
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0005|
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0006| Adopted_______________________ Not Adopted_______________________
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0007| (Chief Clerk) (Chief Clerk)
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0008|
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0009|
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0010| Date ________________________
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0011|
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0012|
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0013| The roll call vote was 7 For 0 Against
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0014| Yes: 7
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0015| No: 0
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0016| Excused: Maes
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0017| Absent: None
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0018|
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0019|
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0020| S0787IC1
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0021|
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0022|
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