0001|                        SENATE BILL 147
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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|                       BEN D. ALTAMIRANO
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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 IMPROVEMENTS TO THE SEWER SYSTEM AND
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0014|     STREETS IN NORTH HURLEY IN GRANT COUNTY; MAKING APPROPRIATIONS;
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0015|     DECLARING AN 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--AUTHORIZATIONS--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 exceed the total of the amounts authorized
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0022|     for purposes specified in Sections 2 and 3 of this act.  The
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0023|     state board of finance shall schedule the issuance and sale of
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0024|     the bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary to
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0004|     comply with the Internal Revenue Code of 1986, as amended. 
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0005|     Proceeds from the sale of the bonds are appropriated for the
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0006|     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--DEPARTMENT OF 
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0021|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0022|     of this act, upon certification by the department of environment
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0023|     that the need exists for the issuance of the bonds, fifty-seven
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0024|     thousand dollars ($57,000) is appropriated to the department of
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0025|     environment for the purpose of making improvements to the sewer
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0001|     system in north Hurley located in Grant county.
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0002|       Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0003|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0004|     of Section 1 of this act, upon certification by the state
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0005|     highway and transportation department that the need exists for
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0006|     the issuance of the bonds, eight thousand dollars ($8,000) is
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0007|     appropriated to the state highway and transportation department
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0008|     for the purpose of making street improvements in north Hurley
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0009|     located in Grant county.
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0010|       Section 4.  EMERGENCY.--It is necessary for the public
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0011|     peace, health and safety that this act take effect immediately.
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0012|                                    
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0013|   
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0014|                    FORTY-SECOND LEGISLATURE
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0015|                      SECOND SESSION, 1996
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0016|   
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0017|   
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0018|                                              JANUARY 24, 1996
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0019|   
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0020|   Mr. President:
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0021|   
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0022|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0023|   
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0024|                           SENATE BILL 147
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0025|   
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0001|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0002|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0003|   COMMITTEE.
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0004|   
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0005|                              Respectfully submitted,
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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|                              SENATOR MANNY M. ARAGON, Chairman 
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0012|   
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0013|   
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0014|   
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0015|   Adopted_______________________ Not Adopted_______________________
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0016|             (Chief Clerk)                        (Chief Clerk)
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0017|   
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0018|   
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0019|                     Date ________________________
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0020|   
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0021|   
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0022|   
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0023|   S0147CC1
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