0001|                        SENATE BILL 854
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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 THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE.
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0013|     
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0014|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015|         .110993.1    
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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 4, 1996
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0022|   
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0023|   Mr. President:
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0024|   
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0025|     Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0001|   has been referred
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0002|   
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0003|                        SENATE BILL 854
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0004|   
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0005|   has had it under consideration and reports same with
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0006|   recommendation that it DO NOT PASS, but that
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0007|   
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0008|      SENATE INDIAN AND CULTURAL AFFAIRS COMMITTEE SUBSTITUTE FOR 
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0009|                            SENATE BILL 854
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0010|                                   
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0011|                                  DO PASS, and further recommends that it be referred to the
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0012|   COMMITTEES' COMMITTEE.
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0013|   
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0014|                              Respectfully submitted,
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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|                              John Pinto, Chairman 
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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|                     Date ________________________
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0001|   
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0002|   
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0003|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0004|   Yes:  7
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0005|   No:        0
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0006|   Excused:   Maes
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0007|   Absent:    None
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0008|   
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0009|     S0854IC1       SENATE INDIAN AFFAIRS COMMITTEE SUBSTITUTE FOR
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0010|                               
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0011|                        SENATE BILL 854
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0012|     42nd legislature - STATE OF NEW MEXICO - second session, 1996
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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|     
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0019|     
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0020|                             AN ACT
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0021|     RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0022|     PROVIDING FOR EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0023|     SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS TO THE ROCK SPRINGS
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0024|     SCHOOL BUS ROUTE IN MCKINLEY COUNTY; MAKING AN APPROPRIATIONS;
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0025|     DECLARING AN EMERGENCY.
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0001|     
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0002|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0003|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0004|     and sell severance tax bonds in compliance with the Severance
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0005|     Tax Bonding Act in an amount not exceeding one hundred thousand
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0006|     dollars ($100,000) when the state highway and transportation
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0007|     department certifies the need for the issuance of the bonds. 
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0008|     The state board of finance shall schedule the issuance and sale
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0009|     of the bonds in the most expeditious and economical manner
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0010|     possible upon a finding by the board that the project has been

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0011|     developed sufficiently to justify the issuance and that the
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0012|     project can proceed to contract within a reasonable time.  The
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0013|     state board of finance shall further take the appropriate steps
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0014|     necessary to comply with the Internal Revenue Code of 1986, as
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0015|     amended.  The proceeds from the sale of the bonds are
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0016|     appropriated to the state highway and transportation department
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0017|     for the purpose of improving roads along the Rock Springs school
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0018|     bus route located in McKinley county.  Any unexpended or
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0019|     unencumbered balance remaining at the end of fiscal year 1999
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0020|     shall revert to the severance tax bonding fund.  If the state
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0021|     highway and transportation department has not certified the need
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0022|     for the issuance of the bonds by the end of fiscal year 1998,
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0023|     the authorization provided in this section shall be void.
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0024|       Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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0001|                               
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