0001|                        SENATE BILL 119
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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|                       LEONARD LEE RAWSON
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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 DESIGN AND RIGHT-OF-WAY ACQUISITION FOR
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0014|     IMPROVEMENTS TO AND EXPANSION OF THE UNITED STATES HIGHWAY 70
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0015|     CORRIDOR NEAR INTERSTATE 25 IN LAS CRUCES IN DONA ANA COUNTY;
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0016|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding six million dollars
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0022|     ($6,000,000) 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|     for the purpose of primary and final design work and right-of-
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0009|     way acquisition for improvements to and expansion of the United
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0010|     States highway 70 corridor near interstate 25 in Las Cruces
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0011|     located in Dona Ana county.  Any unexpended or unencumbered
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0012|     balance remaining at the end of fiscal year 1999 shall revert to
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0013|     the severance tax bonding fund.  If the state highway and
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0014|     transportation department has not certified the need for the
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0015|     issuance of the bonds by the end of fiscal year 1998, the
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0016|     authorization provided in this section shall be void.
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0017|       Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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0020|             
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0021|   
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0022|                    FORTY-SECOND LEGISLATURE
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0023|                      SECOND SESSION, 1996
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0024|   
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0025|   
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0001|                                              JANUARY 23, 1996
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0002|   
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0003|   Mr. President:
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0004|   
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0005|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|   
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0007|                           SENATE BILL 119
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0008|   
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0009|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0010|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the
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0011|   CORPORATIONS AND TRANSPORTATION COMMITTEE.
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0012|   
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0013|                              Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|   
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0018|                              __________________________________
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0019|                              SENATOR MANNY M. ARAGON, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________ Not Adopted_______________________
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0024|             (Chief Clerk)                        (Chief Clerk)
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0025|   
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0001|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   
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0006|     S0119CC1
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0007|   
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0008|                      FORTY-SECOND LEGISLATURE
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0009|                        SECOND SESSION, 1996
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0010|   
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0011|   
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0012|                                                   February 2, 1996
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0013|   
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0014|   Mr. President:
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0015|   
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0016|     Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
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0017|   has been referred
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0018|   
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0019|                           SENATE BILL 119
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0020|   
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0021|   has had it under consideration and reports same with recommendation that
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0022|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0023|   
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0024|                              Respectfully submitted,
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0025|   
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0001|   
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0002|   
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0003|                              __________________________________
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0004|                              Roman M. Maes, III, Chairman 
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0005|   
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0006|   
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0007|   
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0008|   Adopted_______________________ Not Adopted_______________________
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0009|             (Chief Clerk)                          (Chief Clerk)
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0010|   
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0011|   
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0012|                     Date ________________________
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0013|   
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0014|   
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0015|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
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0016|   Yes:  5
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0017|   No:        0
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0018|   Excused:   Fidel, McKibben, Reagan, Robinson
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0019|   Absent:    None
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0020|   
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0021|   
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0022|   S0119CT1
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0023|   
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0024|   
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