0001|                        SENATE BILL 195
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                           JOHN PINTO
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR CONSTRUCTION OF THE HOGBACK BRIDGE AND
    |
0014|     ACCESS TO THE BRIDGE IN SAN JUAN COUNTY; 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 two million five hundred thousand
    |
0022|     dollars ($2,500,000) when the state highway and transportation
    |
0023|     department certifies the need for the issuance of the bonds. 
    |
0024|     The state board of finance shall schedule the issuance and sale
    |
0025|     of the bonds in the most expeditious and economical manner
    |
0001|     possible upon a finding by the board that the project has been
    |
0002|     developed sufficiently to justify the issuance and that the
    |
0003|     project can proceed to contract within a reasonable time.  The
    |
0004|     state board of finance shall further take the appropriate steps
    |
0005|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0006|     amended.  The proceeds from the sale of the bonds are
    |
0007|     appropriated to the state highway and transportation department
    |
0008|     in the following amounts for the following purposes:
    |
0009|                 (1)  one million three hundred thousand dollars
    |
0010|     ($1,300,000) to construct access roads to the Hogback bridge in
    |
0011|     McKinley county; and
    |
0012|                 (2)  one million two hundred thousand dollars
    |
0013|     ($1,200,000) to purchase, transport, install or construct the
    |
0014|     Hogback bridge structure in San Juan county.
    |
0015|            B.  If the state highway and transportation
    |
0016|     department has not certified the need for the issuance of the
    |
0017|     bonds by the end of fiscal year 1998, the authorization provided
    |
0018|     in this section shall be void.  Any unexpended or unencumbered
    |
0019|     balance remaining from the proceeds of severance tax bonds
    |
0020|     issued pursuant to Subsection A of this section at the end of
    |
0021|     fiscal year 1999 shall revert to the severance tax bonding fund. 
    |
0022|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0023|     peace, health and safety that this act take effect immediately.
    |
0024|                              
    |
0025|             
    |
0001|   
    |
0002|                    FORTY-SECOND LEGISLATURE
    |
0003|                      SECOND SESSION, 1996
    |
0004|   
    |
0005|   
    |
0006|                                              JANUARY 24, 1996
    |
0007|   
    |
0008|   Mr. President:
    |
0009|   
    |
0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0011|   
    |
0012|                           SENATE BILL 195
    |
0013|   
    |
0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
    |
0016|   CULTURAL AFFAIRS COMMITTEE.
    |
0017|   
    |
0018|                              Respectfully submitted,
    |
0019|   
    |
0020|   
    |
0021|   
    |
0022|   
    |
0023|                              __________________________________
    |
0024|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0025|   
    |
0001|   
    |
0002|   
    |
0003|   Adopted_______________________ Not Adopted_______________________
    |
0004|             (Chief Clerk)                        (Chief Clerk)
    |
0005|   
    |
0006|   
    |
0007|                     Date ________________________
    |
0008|   
    |
0009|   
    |
0010|   
    |
0011|   S0195CC1
    |
0012|     
    |
0013|   
    |
0014|                      FORTY-SECOND LEGISLATURE
    |
0015|                        SECOND SESSION, 1996
    |
0016|   
    |
0017|   
    |
0018|                                                   February 1, 1996
    |
0019|   
    |
0020|   Mr. President:
    |
0021|   
    |
0022|     Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
    |
0023|   been referred
    |
0024|   
    |
0025|                           SENATE BILL 195
    |
0001|   
    |
0002|   has had it under consideration and reports same with recommendation that
    |
0003|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
    |
0004|   
    |
0005|                              Respectfully submitted,
    |
0006|   
    |
0007|   
    |
0008|   
    |
0009|                              __________________________________
    |
0010|                              John Pinto, Chairman 
    |
0011|   
    |
0012|   
    |
0013|   
    |
0014|   Adopted_______________________ Not Adopted_______________________
    |
0015|             (Chief Clerk)                          (Chief Clerk)
    |
0016|   
    |
0017|   
    |
0018|   
    |
0019|                     Date ________________________
    |
0020|   
    |
0021|   
    |
0022|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
    |
0023|   Yes:  5
    |
0024|   No:        0
    |
0025|   Excused:   Maes, McKibben & Kysar
    |
0001|   Absent:    None    
    |
0002|   
    |
0003|   S0195IC1
    |
0004|   
    |
0005|   
    |