0001|                         HOUSE BILL 32
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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|                           FRED LUNA
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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 CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS IN THE VILLAGE OF LOS
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0014|     LUNAS IN VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0015|     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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one million five
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0021|     hundred thousand dollars ($1,500,000) when the state highway and
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0022|     transportation department certifies the need for the issuance of
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0023|     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 reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the state highway and transportation
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0007|     department for the purpose of phase I reconstruction of
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0008|     approximately three thousand five hundred feet of Los Lentes
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0009|     road in the village of Los Lunas located in Valencia county. 
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0010|     Any unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0012|     If the state highway and transportation department has not
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0013|     certified the need for the issuance of the bonds by the end of
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0014|     fiscal year 1998, the authorization provided in this section
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0015|     shall be void.
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0016|       Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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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-SECOND LEGISLATURE
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0022|                      SECOND SESSION, 1996
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0023|   
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0024|   
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0025|                                              January 25, 1996
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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 32
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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>                            Daniel P. Silva, Chairman
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0020|   
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0021|   
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0022|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0023| <u>  </u>
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0024|            (Chief Clerk)                       (Chief Clerk)
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0025|   
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0001|                      Date <u>            </u>
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0002|   
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0003|   The roll call vote was<u> 8 </u> For<u> 0 </u> Against
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0004|   Yes:          8
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0005|   Excused: Christensen, Olguin, Watchman, Martinez
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0006|   Absent:  None
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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|   H0032TC1
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