0001| SENATE BILL 168
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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| PHILLIP J. MALOOF
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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 TO IMPROVE ATRISCO ROAD ON THE WEST SIDE OF
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0014| ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding one million dollars
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0021| ($1,000,000) when the state highway and transportation
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0022| department certifies the need for the issuance of the bonds.
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0023| The state board of finance shall schedule the issuance and sale
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0024| of the bonds in the most expeditious and economical manner
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0025| possible upon a finding by the board that the project has been
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0001| developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the state highway and transportation department
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0007| for the purpose of making improvements, including paving,
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0008| curbing, landscaping and putting in sidewalks, on Atrisco road
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0009| between Central avenue and Bridge boulevard on the west side of
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0010| Albuquerque located in Bernalillo county. Any unexpended or
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0011| unencumbered balance remaining at the end of fiscal year 1999
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0012| shall revert to the severance tax bonding fund. If the state
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0013| highway and transportation department has not certified the need
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0014| for the issuance of the bonds by the end of fiscal year 1998,
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0015| the authorization provided in this section shall be void.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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0018|
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0019|
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0020| FORTY-SECOND LEGISLATURE
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0021| SECOND SESSION, 1996
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0022|
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0023|
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0024| JANUARY 24, 1996
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0025|
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0001| Mr. President:
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0002|
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0003| Your COMMITTEES' COMMITTEE, to whom has been referred
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0004|
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0005| SENATE BILL 168
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0006|
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0007| has had it under consideration and finds same to be GERMANE, PURSUANT
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0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0009| COMMITTEE.
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0010|
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0011| Respectfully submitted,
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0012|
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0013|
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0014|
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0015|
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0016| __________________________________
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0017| SENATOR MANNY M. ARAGON, Chairman
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0018|
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0019|
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0020|
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0021| Adopted_______________________ Not Adopted_______________________
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024|
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0025| Date ________________________
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0001|
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0002|
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0003|
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0004| S0168CC1
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