0001|                           SENATE BILL 689
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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|                             GLORIA HOWES
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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 TO ACQUIRE LAND FOR, DESIGN, CONSTRUCT AND
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0013|     EQUIP A NEW STATE POLICE DISTRICT HEADQUARTERS BUILDING IN
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0014|     GALLUP LOCATED IN MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding one
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0022|     million eight hundred thousand dollars ($1,800,000) when the
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0023|     property control division of the general services department
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     property control division of the general services department
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0009|     for the purpose of acquiring land for, designing, constructing
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0010|     and equipping a new state police district headquarters building
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0011|     in Gallup located in McKinley county.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 2000
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0013|     shall revert to the severance tax bonding fund.  If the
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0014|     property control division of the general services department
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0015|     has not certified the need for the issuance of the bonds by the
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0016|     end of fiscal year 1999, the authorization provided in this
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0017|     section 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|                                               February 26, 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 689
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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> 7 </u> For <u> 0 </u> Against
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0008|           Yes:    7
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0009|           No:     None
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0010|                Excused:     Davis, Macias, Tsosie
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0011|           Absent: None
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0012|   
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0013|   
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0014|   S0689C01
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0015|   
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