0001|                        SENATE BILL 130
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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|                       FERNANDO R. MACIAS
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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 ROAD IMPROVEMENTS IN THE TOWN OF MESILLA
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0014|     IN DONA ANA 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.--
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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 exceeding five hundred twenty-seven
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0022|     thousand dollars ($527,000) when the state highway and
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0023|     transportation department certifies the need for the issuance of
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0024|     the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the state highway and transportation
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0008|     department for expenditure for road and paving improvements in
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0009|     the town of Mesilla in Dona Ana county in the following amounts
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0010|     for the following purposes:
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0011|                 (1)  three hundred twenty-six thousand four
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0012|     hundred dollars ($326,400) for Snow road;
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0013|                 (2)  sixty-one thousand two hundred dollars
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0014|     ($61,200) for Gandy lane;
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0015|                 (3)  seventy-one thousand four hundred dollars
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0016|     ($71,400) for Stithe road;
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0017|                 (4)  fifty-one thousand dollars ($51,000) for
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0018|     Guerrera road; and
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0019|                 (5)  seventeen thousand dollars ($17,000) to
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0020|     pave the town parking lot west of the plaza.
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0021|            B.  If the state highway and transportation
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0022|     department has not certified the need for the issuance of the
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0023|     bonds by the end of fiscal year 1998, the authorization provided
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0024|     in this section shall be void.  Any unexpended or unencumbered
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0025|     balance remaining from the proceeds of severance tax bonds
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0001|     issued pursuant to Subsection A of this section at the end of
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0002|     fiscal year 1999 shall revert to the severance tax bonding fund.
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0003|       Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately
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0005|                                    
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0006|   
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0007|                    FORTY-SECOND LEGISLATURE
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0008|                      SECOND SESSION, 1996
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0009|   
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0010|   
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0011|                                              JANUARY 23, 1996
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0012|   
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0013|   Mr. President:
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0014|   
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0015|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0016|   
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0017|                           SENATE BILL 130
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0018|   
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0019|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0020|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0021|   COMMITTEE.
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0022|   
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0023|                              Respectfully submitted,
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0024|   
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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|                              SENATOR MANNY M. ARAGON, 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|   
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0016|   S0130CC1
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