0001|                        SENATE BILL 166
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                        PATRICK H. LYONS
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO PLAN, DESIGN, CONSTRUCT, REPAIR OR MAKE
    |
0014|     IMPROVEMENTS TO ARMORIES LOCATED THROUGHOUT THE STATE; MAKING AN
    |
0015|     APPROPRIATION; DECLARING AN 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 one million three hundred ninety-two thousand two hundred dollars ($1,392,200) when the state
    |
0022|     armory board certifies the need for the issuance of the bonds. 
    |
0023|     The state board of finance shall schedule the issuance and sale
    |
0024|     of the bonds in the most expeditious and economical manner
    |
0025|     possible upon a finding by the board that the project has been
    |
0001|     developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the state armory board in the following amounts
    |
0007|     for the following purposes:
    |
0008|                 (1)  five hundred thousand dollars ($500,000) to
    |
0009|     plan, design or construct an armory near Clayton located in
    |
0010|     Union county; and
    |
0011|                 (2)  eight hundred ninety-two thousand two
    |
0012|     hundred dollars ($892,200) to repair and make improvements to
    |
0013|     armories located throughout the state.
    |
0014|            B.  If the state armory board has not certified the
    |
0015|     need for the issuance of the bonds by the end of fiscal year
    |
0016|     1999, the authorization provided in this section shall be void. 
    |
0017|     Any unexpended or unencumbered balance remaining from the
    |
0018|     proceeds of severance tax bonds issued pursuant to Subsection A
    |
0019|     of this section at the end of fiscal year 2000 shall revert to
    |
0020|     the severance tax bonding fund.
    |
0021|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0022|     peace, health and safety that this act take effect immediately.
    |
0023|                                    
    |
0024|   
    |
0025|                    FORTY-SECOND LEGISLATURE
    |
0001|                      SECOND SESSION, 1996
    |
0002|   
    |
0003|   
    |
0004|                                              JANUARY 24, 1996
    |
0005|   
    |
0006|   Mr. President:
    |
0007|   
    |
0008|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0009|   
    |
0010|                           SENATE BILL 166
    |
0011|   
    |
0012|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0013|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
    |
0014|   COMMITTEE.
    |
0015|   
    |
0016|                              Respectfully submitted,
    |
0017|   
    |
0018|   
    |
0019|   
    |
0020|   
    |
0021|                              __________________________________
    |
0022|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0023|   
    |
0024|   
    |
0025|   
    |
0001|   Adopted_______________________ Not Adopted_______________________
    |
0002|             (Chief Clerk)                        (Chief Clerk)
    |
0003|   
    |
0004|   
    |
0005|                     Date ________________________
    |
0006|   
    |
0007|   
    |
0008|   
    |
0009|   S0166CC1
    |