0001|                        SENATE BILL 719
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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|                            DON KIDD
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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 ROAD IMPROVEMENTS IN OTERO COUNTY;
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0014|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018|     and sell severance tax bonds in compliance with the Severance
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0019|     Tax Bonding Act in an amount not exceeding one hundred thousand
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0020|     dollars ($100,000) when the state highway and transportation
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0021|     department certifies the need for the issuance of the bonds. 
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0022|     The state board of finance shall schedule the issuance and sale
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0023|     of the bonds in the most expeditious and economical manner
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0024|     possible upon a finding by the board that the project has been
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0025|     developed sufficiently to justify the issuance and that the
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0001|     project can proceed to contract within a reasonable time.  The
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0002|     state board of finance shall further take the appropriate steps
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0003|     necessary to comply with the Internal Revenue Code of 1986, as
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0004|     amended.  The proceeds from the sale of the bonds are
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0005|     appropriated to the state highway and transportation department
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0006|     for the purpose of making road improvements to road 6563 between
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0007|     Cloudcroft and Timberon located in Otero county.  Any unexpended
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0008|     or unencumbered balance remaining at the end of fiscal year 1999
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0009|     shall revert to the severance tax bonding fund.  If the state
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0010|     highway and transportation department has not certified the need
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0011|     for the issuance of the bonds by the end of fiscal year 1998,
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0012|     the authorization provided in this section shall be void.
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0013|       Section 2.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                                      
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0016|   
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0017|                    FORTY-SECOND LEGISLATURE
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0018|                      SECOND SESSION, 1996
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0019|   
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0020|   
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0021|                                              FEBRUARY 1, 1996
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0022|   
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0023|   Mr. President:
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0024|   
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0025|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0001|   
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0002|                           SENATE BILL 719
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0003|   
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0004|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0005|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0006|   COMMITTEE.
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0007|   
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0008|                              Respectfully submitted,
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0009|   
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0010|   
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0011|   
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0012|   
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0013|                              __________________________________
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0014|                              SENATOR MANNY M. ARAGON, Chairman 
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0015|   
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0016|   
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0017|   
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0018|   Adopted_______________________ Not Adopted_______________________
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0019|             (Chief Clerk)                        (Chief Clerk)
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0020|   
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0021|   
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0022|                     Date ________________________
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0023|   
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0024|   
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0025|   
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0001|   S0719CC1
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0002|   
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