0001| SENATE BILL 370 | 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 COUNTY ROADS IN SANTA FE COUNTY; MAKING | 0014| AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax Bonding | 0020| Act in an amount not exceeding two hundred sixty-five thousand | 0021| dollars ($265,000) when the state highway and transportation | 0022| department certifies the need for the issuance of the bonds. | 0023| The state board of finance shall schedule the issuance and sale | 0024| of the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the state highway and transportation department | 0007| for distribution in the following manner in Santa Fe county: | 0008| (1) two hundred fifteen thousand dollars | 0009| ($215,000) to surface and improve the first two miles of county | 0010| road 42 where it meets state highway 14; and | 0011| (2) fifty thousand dollars ($50,000) to improve | 0012| two miles of county road 55 where it meets state highway 14, | 0013| including grading, shaping and installing base course. | 0014| B. Any unexpended or unencumbered balance remaining | 0015| at the end of fiscal year 1999 shall revert to the severance tax | 0016| bonding fund. If the state highway and transportation | 0017| department has not certified the need for the issuance of the | 0018| bonds by the end of fiscal year 1998, the authorization provided | 0019| in this section shall be void. | 0020| Section 2. EMERGENCY.--It is necessary for the public | 0021| peace, health and safety that this act take effect immediately. | 0022|  | 0023| | 0024| FORTY-SECOND LEGISLATURE | 0025| SECOND SESSION, 1996 | 0001| | 0002| | 0003| JANUARY 27, 1996 | 0004| | 0005| Mr. President: | 0006| | 0007| Your COMMITTEES' COMMITTEE, to whom has been referred | 0008| | 0009| SENATE BILL 370 | 0010| | 0011| has had it under consideration and finds same to be GERMANE, PURSUANT | 0012| TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE | 0013| COMMITTEE. | 0014| | 0015| Respectfully submitted, | 0016| | 0017| | 0018| | 0019| | 0020| __________________________________ | 0021| SENATOR MANNY M. ARAGON, Chairman | 0022| | 0023| | 0024| | 0025| Adopted_______________________ Not Adopted_______________________ | 0001| (Chief Clerk) (Chief Clerk) | 0002| | 0003| | 0004| Date ________________________ | 0005| | 0006| | 0007| | 0008| S0370CC1 |