0001|                        SENATE BILL 786
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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 TO SURFACE AND IMPROVE TWO AND ONE-TENTH
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0014|     MILES OF COUNTY ROAD 9 NEAR THE ROCK SPRINGS CHAPTER OF THE
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0015|     NAVAJO NATION IN MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding three hundred fifty-two thousand dollars ($352,000) when the state highway and
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0022|     transportation department certifies the need for the issuance of
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0023|     the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the state highway and transportation
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0007|     department for the purpose of surfacing and improving two and
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0008|     one-tenth miles of county road 9 between New Mexico highway 264
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0009|     and the Rock Springs chapter of the Navajo nation located in
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0010|     McKinley county.  Any unexpended or unencumbered balance
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0011|     remaining at the end of fiscal year 1999 shall revert to the
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0012|     severance tax bonding fund.  If the state highway and
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0013|     transportation department has not certified the need for the
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0014|     issuance of the bonds by the end of fiscal year 1998, the
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0015|     authorization provided in this section shall be void.
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0016|       Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                              
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0019|             
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0020|   
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0021|                    FORTY-SECOND LEGISLATURE
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0022|                      SECOND SESSION, 1996
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0023|   
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0024|   
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0025|                                              JANUARY 31, 1996
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0001|   
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0002|   Mr. President:
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0003|   
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0004|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|   
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0006|                           SENATE BILL 786
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0007|   
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0008|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0009|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0010|   CULTURAL AFFAIRS COMMITTEE.
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0011|   
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0012|                              Respectfully submitted,
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0013|   
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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|                              SENATOR MANNY M. ARAGON, Chairman 
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0019|   
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0020|   
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0021|   
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0022|   Adopted_______________________ Not Adopted_______________________
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0023|             (Chief Clerk)                        (Chief Clerk)
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0024|   
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0025|   
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0001|                     Date ________________________
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0002|   
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0003|   
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0004|   
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0005|     S0786CC1
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0006|   
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0007|                      FORTY-SECOND LEGISLATURE
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0008|                        SECOND SESSION, 1996
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0009|   
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0010|   
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0011|                                                   February 4, 1996
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0012|   
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0013|   Mr. President:
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0014|   
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0015|     Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0016|   been referred
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0017|   
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0018|                           SENATE BILL 786
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0019|   
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0020|   has had it under consideration and reports same with recommendation that
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0021|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0022|   
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0023|                              Respectfully submitted,
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0024|   
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0025|   
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0001|   
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0002|                              __________________________________
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0003|                              John Pinto, Chairman 
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0004|   
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0005|   
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0006|   
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0007|   Adopted_______________________ Not Adopted_______________________
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0008|             (Chief Clerk)                          (Chief Clerk)
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0009|   
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0010|   
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0011|                     Date ________________________
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0012|   
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0013|   
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0014|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0015|   Yes:  7
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0016|   No:        0
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0017|   Excused:   Maes
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0018|   Absent:    None
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0019|   
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0020|   
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0021|   S0786IC1
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0022|   
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0023|   
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