0001|                           HOUSE BILL 1050
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                           JERRY W. SANDEL
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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|     
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0010|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR FOUR-LANE CONSTRUCTION OF STATE HIGHWAY
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0013|     44 IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding ten
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0021|     million dollars ($10,000,000) when the state highway and
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0022|     transportation department certifies the need for the issuance
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0023|     of 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
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0006|     of the bonds are appropriated to the state highway and
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0007|     transportation department for four-lane construction, including
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0008|     any necessary right-of-way acquisition, engineering and design,
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0009|     of state highway 44 in San Juan county.  Any unexpended or
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0010|     unencumbered balance remaining at the end of fiscal year 2000
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0011|     shall revert to the severance tax bonding fund.  If the state
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0012|     highway and transportation department has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1999, the authorization provided in this section shall be void.
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                                  
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0018|                            State of New Mexico
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0019|                      House of Representatives
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0020|   
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0021|                      FORTY-THIRD LEGISLATURE
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                               February 27, 1997
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0001|   
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0002|   
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0003|   Mr. Speaker:
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0004|   
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0005|        Your TRANSPORTATION COMMITTEE, to whom has been
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0006|   referred
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0007|   
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0008|                       HOUSE BILL 1050
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0009|                               
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0010|   has had it under consideration and reports same with
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0011|   recommendation that it DO PASS, and thence referred to the
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0012|   TAXATION AND REVENUE 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|                                 <u>                                
</u>    |
<u></u>0019| <u>  
</u>    |
<u></u>0020| <u>                                </u>                             Daniel P. Silva, Chairman
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0021|   
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0022|   
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0023|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0024| <u>   </u>
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0025|             (Chief Clerk)                       (Chief Clerk)
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0001|   
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0002|                        Date <u>            </u>
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0003|   
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0004|   The roll call vote was<u> 7 </u> For<u> 0 </u> Against
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0005|   Yes:      7
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0006|             Excused:  Olguin, Rodella, Watchman, Whitaker
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0007|             Absent:   W.C. Williams
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0008|   
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0009|   
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0010|   G:\BILLTEXT\BILLW_97\H1050
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