0001| SENATE BILL 41 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MARY JANE M. GARCIA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PURCHASE PERMANENT EXHIBITS FOR THE NEW | 0014| MEXICO FARM AND RANCH HERITAGE MUSEUM IN LAS CRUCES LOCATED IN | 0015| DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding one million five | 0022| hundred thousand dollars ($1,500,000) when the office of | 0023| cultural affairs certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project has | 0002| been developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the office of cultural affairs for the purpose | 0008| of purchasing permanent exhibits for the New Mexico farm and | 0009| ranch heritage museum in Las Cruces located in Dona Ana 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 office of cultural affairs has not certified the need for | 0013| the issuance of the bonds by the end of fiscal year 1998, the | 0014| authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  | 0018| | 0019| | 0020| | 0021| FORTY-SECOND LEGISLATURE | 0022| SECOND SESSION, 1996 | 0023| | 0024| | 0025| JANUARY 23, 1996 | 0001| | 0002| Mr. President: | 0003| | 0004| Your COMMITTEES' COMMITTEE, to whom has been referred | 0005| | 0006| SENATE BILL 41 | 0007| | 0008| has had it under consideration and finds same to be GERMANE, | 0009| PURSUANT TO CONSTITUTIONAL PROVISIONS, and thence referred to the | 0010| FINANCE COMMITTEE. | 0011| | 0012| Respectfully submitted, | 0013| | 0014| | 0015| | 0016| | 0017| __________________________________ | 0018| SENATOR MANNY ARAGON, Chairman | 0019| | 0020| | 0021| | 0022| Adopted_______________________ Not Adopted_______________________ | 0023| (Chief Clerk) (Chief Clerk) | 0024| | 0025| | 0001| Date ________________________ | 0002| | 0003| | 0004| | 0005| S0041CC1 |