0001|                        SENATE BILL 112
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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|                FOR THE INDIAN AFFAIRS COMMITTEE
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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 PROJECTS AT THE PINEDALE CHAPTER IN
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0014|     MCKINLEY COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. 
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0018|     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 to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance and
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0024|     sale 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.  Proceeds from the sale of the bonds are appropriated
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0006|     for the purposes specified in Sections 2 and 3 of this act.
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0007|            B.  The agencies named in Sections 2 and 3 of this
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0008|     act shall certify to the state board of finance when the money
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0009|     from the proceeds of the severance tax bonds authorized in this
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0010|     section is needed for the purposes specified in the applicable
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0011|     section of this act.
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0012|            C.  If the specified agency 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 act shall be void.
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0015|            D.  Unless otherwise specified in this act, any
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0016|     unexpended or unencumbered balance remaining from the proceeds
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0017|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0018|     this act at the end of fiscal year 1999 shall revert to the
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0019|     severance tax bonding fund.
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0020|       Section 2.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0021|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0022|     of Section 1 of this act, upon certification by the state
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0023|     highway and transportation department that the need exists for
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0024|     the issuance of the bonds, seven hundred four thousand dollars
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0025|     ($704,000) is appropriated to the state highway and
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0001|     transportation department to upgrade, widen, pave and make
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0002|     necessary improvements to the Rainbow Trail road at the Pinedale
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0003|     chapter in McKinley county.
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0004|       Section 3.  SEVERANCE TAX BONDS--NEW MEXICO OFFICE OF
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0005|     INDIAN AFFAIRS--PURPOSE.--Pursuant to the provisions of Section
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0006|     1 of this act, upon certification by the New Mexico office of
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0007|     Indian affairs that the need exists for the issuance of the
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0008|     bonds, two hundred thousand dollars ($200,000) is appropriated
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0009|     to the New Mexico office of Indian affairs to plan, design and
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0010|     construct a fire station at the Pinedale chapter in McKinley
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0011|     county.
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0012|       Section 4.  EMERGENCY.--It is necessary for the public
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0013|     peace, health and safety that this act take effect immediately.
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0014|                                    
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0015|   
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0016|                    FORTY-SECOND LEGISLATURE
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0017|                      SECOND SESSION, 1996
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0018|   
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0019|   
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0020|                                              JANUARY 23, 1996
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0021|   
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0022|   Mr. President:
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0023|   
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0024|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0025|   
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0001|                           SENATE BILL 112
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0002|   
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0003|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0004|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0005|   CULTURAL AFFAIRS COMMITTEE.
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0006|   
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0007|                              Respectfully submitted,
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0008|   
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0009|   
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0010|   
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0011|   
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0012|                              __________________________________
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0013|                              SENATOR MANNY M. ARAGON, Chairman 
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0014|   
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0015|   
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0016|   
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0017|   Adopted_______________________ Not Adopted_______________________
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0018|             (Chief Clerk)                        (Chief Clerk)
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0019|   
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0020|   
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0021|                     Date ________________________
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0022|   
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0023|   
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0024|   
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0025|   S0112CC1
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