0001|                        SENATE BILL 752
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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 IMPROVEMENTS TO ROADS AND CONSTRUCTION
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0014|     OF A NEW BRIDGE AND ROAD IN MCKINLEY COUNTY; MAKING AN
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0015|     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.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding three hundred fifty thousand
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0022|     dollars ($350,000) when the state highway and transportation
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0023|     department certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state highway and transportation department
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0008|     in the following amounts for the following purposes:
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0009|                 (1)  one hundred fifty thousand dollars
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0010|     ($150,000) to improve two miles of road N-108 in Tohatchi in
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0011|     McKinley county; and
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0012|                 (2)  two hundred thousand dollars ($200,000) to
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0013|     design, and construct Red Willow Wash bridge, the Bicentennial
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0014|     bridge and the road between the post office and new clinic in
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0015|     Tohatchi in McKinley county.
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0016|            B.  If the state highway and transportation
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0017|     department has not certified the need for the issuance of the
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0018|     bonds by the end of fiscal year 1998, the authorization provided
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0019|     in this section shall be void.  Any unexpended or unencumbered
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0020|     balance remaining from the proceeds of severance tax bonds
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0021|     issued pursuant to Subsection A of this section at the end of
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0022|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0023|       Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                      
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0001|   
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0002|                    FORTY-SECOND LEGISLATURE
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0003|                      SECOND SESSION, 1996
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0004|   
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0005|   
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0006|                                              JANUARY 31, 1996
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0007|   
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0008|   Mr. President:
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0009|   
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0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|   
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0012|                           SENATE BILL 752
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0013|   
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0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0016|   CULTURAL AFFAIRS COMMITTEE.
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0017|   
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0018|                              Respectfully submitted,
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0019|   
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0020|   
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0021|   
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0022|   
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0023|                              __________________________________
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0024|                              SENATOR MANNY M. ARAGON, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________ Not Adopted_______________________
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0004|             (Chief Clerk)                        (Chief Clerk)
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   
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0011|     S0752CC1
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0012|   
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0013|                      FORTY-SECOND LEGISLATURE
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0014|                        SECOND SESSION, 1996
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0015|   
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0016|   
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0017|                                                   February 4, 1996
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0018|   
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0019|   Mr. President:
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0020|   
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0021|     Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0022|   been referred
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0023|   
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0024|                           SENATE BILL 752
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0025|   
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0001|   has had it under consideration and reports same with recommendation that
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0002|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0003|   
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0004|                              Respectfully submitted,
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0005|   
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0006|   
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0007|   
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0008|                              __________________________________
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0009|                              John Pinto, Chairman 
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0010|   
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0011|   
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0012|   
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0013|   Adopted_______________________ Not Adopted_______________________
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0014|             (Chief Clerk)                          (Chief Clerk)
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0015|   
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0016|   
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0017|                     Date ________________________
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0018|   
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0019|   
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0020|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0021|   Yes:  7
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0022|   No:        0
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0023|   Excused:   Maes
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0024|   Absent:    None
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0025|   
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0001|   
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0002|   S0752IC1
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0003|   
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0004|   
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