0001|                         SENATE BILL 59
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1996
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0003|                         INTRODUCED BY
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0004|                           JOHN PINTO
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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|     
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0010|                             AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO CONSTRUCT AND EQUIP AN ADULT EDUCATION
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0013|     CENTER AT THE GALLUP BRANCH OF THE UNIVERSITY OF NEW MEXICO IN
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0014|     MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     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 two hundred fifty 
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0021|     thousand dollars ($250,000) when the board of regents of the
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0022|     university of New Mexico 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 board of regents of the university
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0007|     of New Mexico for the purpose of constructing and equipping an
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0008|     adult education center at the Gallup branch of the university of
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0009|     New Mexico located in McKinley county.  Any unexpended or
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0010|     unencumbered balance remaining at the end of fiscal year 1999
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0011|     shall revert to the severance tax bonding fund.  If the board of
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0012|     regents of the university of New Mexico has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1998, the 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|                            - 2 -
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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 18, 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 59
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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 SENATE
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0009|   INDIAN AND 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|   The roll call vote was <u>  </u> For <u>  </u> Against
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0005|   Yes:  
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0006|   No:        
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0007|   Excused:   
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0008|   Absent:    
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0009|   
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0010|   
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0011|     S0059CC1  
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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 59
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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 <u> 7 </u> For <u> 0 </u> 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|   S0059IC1
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0003|   
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0004|   
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