0001| SENATE BILL 130 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| FERNANDO R. MACIAS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS IN THE TOWN OF MESILLA | 0014| IN DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0015| EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding five hundred twenty-seven | 0022| thousand dollars ($527,000) when the state highway and | 0023| transportation department certifies the need for the issuance of | 0024| the bonds. The state board of finance shall schedule the | 0025| issuance and sale of the bonds in the most expeditious and | 0001| economical manner possible upon a finding by the board that the | 0002| project has been developed sufficiently to justify the issuance | 0003| and that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the state highway and transportation | 0008| department for expenditure for road and paving improvements in | 0009| the town of Mesilla in Dona Ana county in the following amounts | 0010| for the following purposes: | 0011| (1) three hundred twenty-six thousand four | 0012| hundred dollars ($326,400) for Snow road; | 0013| (2) sixty-one thousand two hundred dollars | 0014| ($61,200) for Gandy lane; | 0015| (3) seventy-one thousand four hundred dollars | 0016| ($71,400) for Stithe road; | 0017| (4) fifty-one thousand dollars ($51,000) for | 0018| Guerrera road; and | 0019| (5) seventeen thousand dollars ($17,000) to | 0020| pave the town parking lot west of the plaza. | 0021| B. If the state highway and transportation | 0022| department has not certified the need for the issuance of the | 0023| bonds by the end of fiscal year 1998, the authorization provided | 0024| in this section shall be void. Any unexpended or unencumbered | 0025| balance remaining from the proceeds of severance tax bonds | 0001| issued pursuant to Subsection A of this section at the end of | 0002| fiscal year 1999 shall revert to the severance tax bonding fund. | 0003| Section 2. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately | 0005|  | 0006| | 0007| FORTY-SECOND LEGISLATURE | 0008| SECOND SESSION, 1996 | 0009| | 0010| | 0011| JANUARY 23, 1996 | 0012| | 0013| Mr. President: | 0014| | 0015| Your COMMITTEES' COMMITTEE, to whom has been referred | 0016| | 0017| SENATE BILL 130 | 0018| | 0019| has had it under consideration and finds same to be GERMANE, PURSUANT | 0020| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0021| COMMITTEE. | 0022| | 0023| Respectfully submitted, | 0024| | 0025| | 0001| | 0002| | 0003| __________________________________ | 0004| SENATOR MANNY M. ARAGON, Chairman | 0005| | 0006| | 0007| | 0008| Adopted_______________________ Not Adopted_______________________ | 0009| (Chief Clerk) (Chief Clerk) | 0010| | 0011| | 0012| Date ________________________ | 0013| | 0014| | 0015| | 0016| S0130CC1 |