0001| SENATE BILL 194 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ELIZABETH T. STEFANICS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE MORIARTY COMMUNITY | 0014| AIRPORT IN TORRANCE COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0019| ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance | 0020| may issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding two hundred | 0022| seventy-five thousand dollars ($275,000) when the state highway | 0023| and transportation department certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by the | 0002| board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| state highway and transportation department for the purposes of | 0009| paving the access road to and preparing a master plan for the | 0010| Moriarty community airport located in Torrance county. Any | 0011| unexpended or unencumbered balance remaining at the end of | 0012| fiscal year 1999 shall revert to the severance tax bonding fund. | 0013| If the state highway and transportation department has not | 0014| certified the need for the issuance of the bonds by the end of | 0015| fiscal year 1998, the authorization provided in this section | 0016| shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019| - 2 - | 0020| | 0021| FORTY-SECOND LEGISLATURE | 0022| SECOND SESSION, 1996 | 0023| | 0024| | 0025| JANUARY 24, 1996 | 0001| | 0002| Mr. President: | 0003| | 0004| Your COMMITTEES' COMMITTEE, to whom has been referred | 0005| | 0006| SENATE BILL 194 | 0007| | 0008| has had it under consideration and finds same to be GERMANE, PURSUANT | 0009| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0010| COMMITTEE. | 0011| | 0012| Respectfully submitted, | 0013| | 0014| | 0015| | 0016| | 0017| __________________________________ | 0018| SENATOR MANNY M. ARAGON, Chairman | 0019| | 0020| | 0021| | 0022| Adopted_______________________ Not Adopted_______________________ | 0023| (Chief Clerk) (Chief Clerk) | 0024| | 0025| | 0001| Date ________________________ | 0002| | 0003| | 0004| | 0005| S0194CC1 | 0006| |