0001|                        SENATE BILL 369
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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|                     ELIZABETH T. STEFANICS
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0006|     
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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 INSTALL A TRAFFIC LIGHT AND MAKE
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0014|     IMPROVEMENTS AT MARTINEZ ROAD AND HIGHWAY 41 IN THE CITY OF
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0015|     MORIARTY LOCATED IN TORRANCE COUNTY; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding two hundred fifty
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0022|     thousand dollars ($250,000) when the state highway and
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0023|     transportation department certifies the need for the issuance of
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0024|     the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the state highway and transportation
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0008|     department for the purpose of installing a traffic light and
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0009|     making improvements at Martinez road and highway 41 in the city
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0010|     of Moriarty located in Torrance 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|   
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0021|                    FORTY-SECOND LEGISLATURE
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0022|                      SECOND SESSION, 1996
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0023|   
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0024|   
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0025|                                              JANUARY 29, 1996
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0001|   
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0002|   Mr. President:
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0003|   
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0004|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|   
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0006|                           SENATE BILL 369
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0007|   
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0008|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0009|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the  FINANCE
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0010|   COMMITTEE.
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0011|   
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0012|                              Respectfully submitted,
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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|                              __________________________________
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0018|                              SENATOR MANNY M. ARAGON, Chairman 
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0019|   
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0020|   
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0021|   
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0022|   Adopted_______________________ Not Adopted_______________________
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0023|             (Chief Clerk)                        (Chief Clerk)
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0024|   
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0025|   
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0001|                     Date ________________________
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0002|   
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0003|   
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0004|   
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0005|   S0369CC1
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