0001|                            SENATE BILL 35
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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|                          ROMAN M. MAES III
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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 CONSTRUCTION OF A NEW PUBLIC
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0013|     TRANSPORTATION FACILITY IN THE CITY OF SANTA FE IN SANTA FE
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0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN 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 three
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0021|     hundred twenty-five thousand dollars ($325,000) when the local
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0022|     government division of the department of finance and
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0023|     administration certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the local government division of the
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0008|     department of finance and administration for the purpose of
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0009|     planning, designing, constructing and equipping a new public
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0010|     transportation facility in the city of Santa Fe located in
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0011|     Santa Fe county.  Any unexpended or unencumbered balance
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0012|     remaining at the end of fiscal year 2000 shall revert to the
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0013|     severance tax bonding fund.  If the local government division
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0014|     of the department of finance and administration has not
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0015|     certified the need for the issuance of the bonds by the end of
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0016|     fiscal year 1999, the authorization provided in this section
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0017|     shall be void.
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0018|          Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                                  
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0021|       
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0022|   
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0023|                      FORTY-THIRD LEGISLATURE
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0024|                        FIRST SESSION, 1997
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0025|   
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0001|   
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0002|                                                January 30, 1997
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0003|   
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0004|   Mr. President:
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0005|   
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0006|       Your CONSERVATION COMMITTEE, to whom has been referred
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0007|   
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0008|                           SENATE BILL 35
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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|   FINANCE 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|   __________________________________
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0020|                                Michael S. Sanchez, Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________   Not
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0025|   Adopted_______________________
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0001|             (Chief Clerk)                          (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   The roll call vote was <u> 5 </u> For <u> 2 </u> Against
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0008|           Yes:    5
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0009|           No:     Davis, Payne
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0010|                Excused:     Kysar, Lyons, Tsosie
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0011|           Absent: None
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0012|   
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0013|   
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0014|   S0035CO1
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0015|   
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