0001| SENATE BILL 324 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JOSEPH J. CARRARO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO SURFACE AND IMPROVE GOLF COURSE ROAD IN | 0014| BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0015| 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 four hundred fifty | 0021| thousand dollars ($450,000) when the state highway and | 0022| transportation department certifies the need for the issuance of | 0023| the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the state highway and transportation | 0007| department for the purpose of surfacing and improving Golf | 0008| Course road located in Bernalillo county. Any unexpended or | 0009| unencumbered balance remaining at the end of fiscal year 1999 | 0010| shall revert to the severance tax bonding fund. If the state | 0011| highway and transportation department has not certified the need | 0012| for the issuance of the bonds by the end of fiscal year 1998, | 0013| the authorization provided in this section shall be void. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  | 0017| | 0018| FORTY-SECOND LEGISLATURE | 0019| SECOND SESSION, 1996 | 0020| | 0021| | 0022| JANUARY 26, 1996 | 0023| | 0024| Mr. President: | 0025| | 0001| Your COMMITTEES' COMMITTEE, to whom has been referred | 0002| | 0003| SENATE BILL 324 | 0004| | 0005| has had it under consideration and finds same to be GERMANE, PURSUANT | 0006| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0007| COMMITTEE. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| __________________________________ | 0015| SENATOR MANNY M. ARAGON, Chairman | 0016| | 0017| | 0018| | 0019| Adopted_______________________ Not Adopted_______________________ | 0020| (Chief Clerk) (Chief Clerk) | 0021| | 0022| | 0023| Date ________________________ | 0024| | 0025| | 0001| | 0002| S0324CC1 |