0001|                        SENATE BILL 450
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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|                       BEN D. ALTAMIRANO
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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 UPGRADE AND MAKE IMPROVEMENTS TO A
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0014|     VIETNAM VETERANS WAR MEMORIAL IN OR NEAR EAGLE NEST IN COLFAX
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0015|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one hundred fifty-
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0021|     seven thousand dollars ($157,000) when the local government
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0022|     division of the department of finance and administration
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     local government division of the department of finance and
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0008|     administration for the purpose of upgrading and making
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0009|     improvements to a Vietnam veterans war memorial in or near Eagle
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0010|     Nest located in Colfax county.  Any unexpended or unencumbered
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0011|     balance remaining at the end of fiscal year 1999 shall revert to
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0012|     the severance tax bonding fund.  If the local government
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0013|     division of the department of finance and administration has not
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0014|     certified the need for the issuance of the bonds by the end of
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0015|     fiscal year 1998, the authorization provided in this section
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0016|     shall be void.
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0017|       Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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0020|             
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0021|   
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0022|                    FORTY-SECOND LEGISLATURE
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0023|                      SECOND SESSION, 1996
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0024|   
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0025|   
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0001|                                              JANUARY 30, 1996
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0002|   
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0003|   Mr. President:
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0004|   
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0005|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|   
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0007|                           SENATE BILL 450
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0008|   
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0009|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0010|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the  FINANCE
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0011|   COMMITTEE.
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0012|   
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0013|                              Respectfully submitted,
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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|                              __________________________________
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0019|                              SENATOR MANNY M. ARAGON, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________ Not Adopted_______________________
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0024|             (Chief Clerk)                        (Chief Clerk)
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0025|   
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0001|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   
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0006|   S0450CC1
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