0001|                        SENATE BILL 157
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                       FERNANDO R. MACIAS
    |
0006|     
    |
0007|                                
    |
0008|            FOR THE SCIENCE, TECHNOLOGY, ENERGY AND
    |
0009|                 DEFENSE CONVERSION COMMITTEE 
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE
    |
0013|     OF SEVERANCE TAX BONDS TO PLAN AND DESIGN A COMMERCIAL
    |
0014|     SPACEPORT, EXPAND AND CONSTRUCT ROADS TO THE SPACEPORT AND
    |
0015|     SURVEY AND COMPLETE THE APPRAISAL OF LAND ON WHICH THE
    |
0016|     SPACEPORT WILL BE LOCATED; MAKING AN APPROPRIATION;
    |
0017|     DECLARING AN EMERGENCY.
    |
0018|     
    |
0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW
    |
0020|     MEXICO:
    |
0021|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH
    |
0022|     ISSUED--APPROPRIATION OF PROCEEDS.--The state board of
    |
0023|     finance may issue and sell severance tax bonds in
    |
0024|     compliance with the Severance Tax Bonding Act in an amount
    |
0025|     not exceeding three million dollars ($3,000,000) when the
    |
0001|     office of space division of the economic development
    |
0002|     department certifies the need for the issuance of the
    |
0003|     bonds.  The state board of finance shall schedule the
    |
0004|     issuance and sale of the bonds in the most expeditious and
    |
0005|     economical manner possible upon a finding by the board
    |
0006|     that the project has been developed sufficiently to
    |
0007|     justify the issuance and that the project can proceed to
    |
0008|     contract within a reasonable time.  The state board of
    |
0009|     finance shall further take the appropriate steps necessary
    |
0010|     to comply with the Internal Revenue Code of 1986, as
    |
0011|     amended.  The proceeds from the sale of the bonds are
    |
0012|     appropriated to the office of space division of the
    |
0013|     economic development department for the purpose of
    |
0014|     planning and designing a commercial spaceport, expanding
    |
0015|     and constructing roads to the spaceport and surveying and
    |
0016|     completing the appraisal of the land on which the
    |
0017|     spaceport will be located.  The certification and issuance
    |
0018|     of bonds is contingent upon completion and acceptance of
    |
0019|     an environmental impact study, the selection of a New
    |
0020|     Mexico-based company by the national aeronautics and space
    |
0021|     administration to build the spaceport, the use of White
    |
0022|     Sands missile range and the southwest regional spaceport
    |
0023|     during the years 1998 through 2000 and the licensure of
    |
0024|     the spaceport by the United States department of
    |
0025|     transportation.  Any unexpended or unencumbered balance
    |
0001|     remaining six months after completion of the project shall
    |
0002|     revert to the severance tax bonding fund.  If the office
    |
0003|     of space division of the economic development department
    |
0004|     has not certified the need for the issuance of the bonds
    |
0005|     by the end of fiscal year 1999, the authorization provided
    |
0006|     in this section shall be void.
    |
0007|       Section 2.  EMERGENCY.--It is necessary for the
    |
0008|     public peace, health and safety that this act take effect
    |
0009|     immediately.
    |
0010|                                    
    |
0011|   
    |
0012|                    FORTY-SECOND LEGISLATURE
    |
0013|                      SECOND SESSION, 1996
    |
0014|   
    |
0015|   
    |
0016|                                              JANUARY 24, 1996
    |
0017|   
    |
0018|   Mr. President:
    |
0019|   
    |
0020|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0021|   
    |
0022|                           SENATE BILL 157
    |
0023|   
    |
0024|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0025|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
    |
0001|   COMMITTEE.
    |
0002|   
    |
0003|                              Respectfully submitted,
    |
0004|   
    |
0005|   
    |
0006|   
    |
0007|   
    |
0008|                              __________________________________
    |
0009|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0010|   
    |
0011|   
    |
0012|   
    |
0013|   Adopted_______________________ Not Adopted_______________________
    |
0014|             (Chief Clerk)                        (Chief Clerk)
    |
0015|   
    |
0016|   
    |
0017|                     Date ________________________
    |
0018|   
    |
0019|   
    |
0020|   
    |
0021|   S0157CC1
    |