0001|                        SENATE BILL 498
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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|                           JOHN PINTO
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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 FOR A TRAFFIC LIGHT AND ARROW TURN LIGHTS
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0014|     NEAR SHIPROCK IN SAN JUAN COUNTY; MAKING AN APPROPRIATION;
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0015|     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 four hundred thousand
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0021|     dollars ($400,000) when the state highway and transportation
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0022|     department certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the state highway and transportation department
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0007|     for the purpose of installing a traffic light near the Mesa
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0008|     elementary school, a left turn arrow at the intersection of
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0009|     state highways 666 and 64 west near Shiprock high school and a
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0010|     left turn arrow on state highway 64 west at the light at the
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0011|     entrance for the central consolidated school administrative
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0012|     office and Nataani Nez elementary school, all of which are
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0013|     located in San Juan county.  Any unexpended or unencumbered
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0014|     balance remaining at the end of fiscal year 1999 shall revert to
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0015|     the severance tax bonding fund.  If the state highway and
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0016|     transportation department has not certified the need for the
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0017|     issuance of the bonds by the end of fiscal year 1998, the
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0018|     authorization provided in this section shall be void.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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0022|             
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0023|   
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0024|                    FORTY-SECOND LEGISLATURE
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0025|                      SECOND SESSION, 1996
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0001|   
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0002|   
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0003|                                              JANUARY 30, 1996
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0004|   
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0005|   Mr. President:
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0006|   
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0007|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0008|   
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0009|                           SENATE BILL 498
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0010|   
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0011|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0012|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0013|   CULTURAL AFFAIRS COMMITTEE.
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0014|   
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0015|                              Respectfully submitted,
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0016|   
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0017|   
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0018|   
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0019|   
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0020|                              __________________________________
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0021|                              SENATOR MANNY M. ARAGON, Chairman 
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0022|   
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0023|   
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0024|   
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0025|   Adopted_______________________ Not Adopted_______________________
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0001|             (Chief Clerk)                        (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   
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0008|     S0498CC1
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0009|   
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0010|                      FORTY-SECOND LEGISLATURE
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0011|                        SECOND SESSION, 1996
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0012|   
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0013|   
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0014|                                                   February 2, 1996
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0015|   
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0016|   Mr. President:
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0017|   
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0018|     Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0019|   been referred
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0020|   
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0021|                           SENATE BILL 498
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0022|   
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0023|   has had it under consideration and reports same with recommendation that
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0024|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0025|   
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0001|                              Respectfully submitted,
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0002|   
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0003|   
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0004|   
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0005|                              __________________________________
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0006|                              John Pinto, Chairman 
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0007|   
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0008|   
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0009|   
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0010|   Adopted_______________________ Not Adopted_______________________
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0011|             (Chief Clerk)                          (Chief Clerk)
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0012|   
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0013|   
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0014|                     Date ________________________
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0015|   
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0016|   
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0017|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0018|   Yes:  8
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0019|   No:        0
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0020|   Excused:   None
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0021|   Absent:    None
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0022|   
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0023|   
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0024|   SO498IC1
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0025|   
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0001|   
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