0001|                         HOUSE BILL 581
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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|                       DEBBIE A. RODELLA
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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 TO PAVE AND MAKE IMPROVEMENTS TO SIERRA
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0014|     VISTA ROAD IN TAOS 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 fifty-five thousand
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0021|     dollars ($55,000) when the state highway and transportation
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0022|     department certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the state highway and transportation department
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0007|     for the purpose of paving and making improvements to Sierra
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0008|     Vista road located in Taos county.  Any unexpended or
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0009|     unencumbered balance remaining at the end of fiscal year 1999
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0010|     shall revert to the severance tax bonding fund.  If the state
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0011|     highway and transportation department has not certified the need
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0012|     for the issuance of the bonds by the end of fiscal year 1998,
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0013|     the authorization provided in this section shall be void.
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0014|       Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                              
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0017|                              State of New Mexico
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0018|                    House of Representatives
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0019|   
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0020|                    FORTY-SECOND LEGISLATURE
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0021|                      SECOND SESSION, 1996
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0022|   
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0023|   
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0024|                                              February 8, 1996
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0025|   
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0001|   
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0002|   Mr. Speaker:
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0003|   
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0004|       Your TRANSPORTATION COMMITTEE, to whom has been
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0005|   referred
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0006|   
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0007|                         HOUSE BILL 581
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0008|                                
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0009|                                 has had it under consideration and reports same with
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0010|   recommendation that it DO PASS, and thence referred to the
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0011|   TAXATION AND REVENUE COMMITTEE.
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0012|   
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0013|                                Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|                                <u>                                 
</u>    |
<u></u>0018| <u>  </u>                            Daniel P. Silva, Chairman
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0019|   
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0020|   
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0021|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0022| <u>  </u>
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0023|            (Chief Clerk)                       (Chief Clerk)
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0024|   
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0025|                      Date <u>            </u>
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0001|   
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0002|   The roll call vote was<u> 9 </u> For<u> 0 </u> Against
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0003|   Yes:          9
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0004|   Excused: Olguin, Parsons, Watchman
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0005|   Absent:  None
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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|   H0581TC1
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