0001|                            HOUSE BILL 27
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                            KIP W. NICELY
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR ROADS IN NORTH ALBUQUERQUE ACRES IN
    |
0013|     BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding five
    |
0021|     hundred thousand dollars ($500,000) when the state highway and
    |
0022|     transportation department certifies the need for the issuance
    |
0023|     of the bonds.  The state board of finance shall schedule the
    |
0024|     issuance and sale of the bonds in the most expeditious and
    |
0025|     economical manner possible upon a finding by the board that the
    |
0001|     project has been developed sufficiently to justify the issuance
    |
0002|     and that the project can proceed to contract within a
    |
0003|     reasonable time.  The state board of finance shall further take
    |
0004|     the appropriate steps necessary to comply with the Internal
    |
0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
    |
0006|     of the bonds are appropriated to the state highway and
    |
0007|     transportation department for the purpose of planning,
    |
0008|     designing, engineering or constructing roads in north
    |
0009|     Albuquerque acres located in Bernalillo county.  Any unexpended
    |
0010|     or unencumbered balance remaining at the end of fiscal year
    |
0011|     2000 shall revert to the severance tax bonding fund.  If the
    |
0012|     state highway and transportation department has not certified
    |
0013|     the need for the issuance of the bonds by the end of fiscal
    |
0014|     year 1999, the authorization provided in this section shall be
    |
0015|     void.
    |
0016|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                                  
    |
0019|                            State of New Mexico
    |
0020|                      House of Representatives
    |
0021|   
    |
0022|                      FORTY-THIRD LEGISLATURE
    |
0023|                        FIRST SESSION, 1997
    |

0024|   
    |
0025|   
    |
0001|                                               February 11, 1997
    |
0002|   
    |
0003|   
    |
0004|   Mr. Speaker:
    |
0005|   
    |
0006|        Your TRANSPORTATION COMMITTEE, to whom has been
    |
0007|   referred
    |
0008|   
    |
0009|                        HOUSE BILL 27
    |
0010|                               
    |
0011|   has had it under consideration and reports same with
    |
0012|   recommendation that it DO PASS, and thence referred to the
    |
0013|   TAXATION AND REVENUE COMMITTEE.
    |
0014|   
    |
0015|                                 Respectfully submitted,
    |
0016|   
    |
0017|   
    |
0018|   
    |
0019|                                 <u>                                
</u>    |
<u></u>0020| <u>  
</u>    |
<u></u>0021| <u>                                </u>                             Daniel P. Silva, Chairman
    |
0022|   
    |
0023|   
    |
0024|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0025| <u>   </u>
    |
0001|             (Chief Clerk)                       (Chief Clerk)
    |
0002|   
    |
0003|                        Date <u>            </u>
    |
0004|   
    |
0005|   The roll call vote was<u> 6 </u> For<u> 1 </u> Against
    |
0006|   Yes:      6
    |
0007|             No:       Williams, W.C.
    |
0008|             Excused:  None
    |
0009|             Absent:   Corley, Olguin, Rodella, Watchman, Whitaker
    |
0010|   
    |
0011|   
    |
0012|   G:\BILLTEXT\BILLW_97\H0027
    |