0001| SENATE BILL 168 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PHILLIP J. MALOOF | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO IMPROVE ATRISCO ROAD ON THE WEST SIDE OF | 0014| ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0015| 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.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding one million dollars | 0021| ($1,000,000) when the state highway and transportation | 0022| department 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 highway and transportation department | 0007| for the purpose of making improvements, including paving, | 0008| curbing, landscaping and putting in sidewalks, on Atrisco road | 0009| between Central avenue and Bridge boulevard on the west side of | 0010| Albuquerque located in Bernalillo county. Any unexpended or | 0011| unencumbered balance remaining at the end of fiscal year 1999 | 0012| shall revert to the severance tax bonding fund. If the state | 0013| highway and transportation department has not certified the need | 0014| for the issuance of the bonds by the end of fiscal year 1998, | 0015| the authorization provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  | 0019| | 0020| FORTY-SECOND LEGISLATURE | 0021| SECOND SESSION, 1996 | 0022| | 0023| | 0024| JANUARY 24, 1996 | 0025| | 0001| Mr. President: | 0002| | 0003| Your COMMITTEES' COMMITTEE, to whom has been referred | 0004| | 0005| SENATE BILL 168 | 0006| | 0007| has had it under consideration and finds same to be GERMANE, PURSUANT | 0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0009| COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| | 0016| __________________________________ | 0017| SENATOR MANNY M. ARAGON, Chairman | 0018| | 0019| | 0020| | 0021| Adopted_______________________ Not Adopted_______________________ | 0022| (Chief Clerk) (Chief Clerk) | 0023| | 0024| | 0025| Date ________________________ | 0001| | 0002| | 0003| | 0004| S0168CC1 |