0001|                        SENATE BILL 177
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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|                       JOHN ARTHUR SMITH
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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 PLANNING, DESIGNING AND CONSTRUCTING AN
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0014|     OFFICE AND RECORD BUILDING, COMPLETING RENOVATIONS TO THE
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0015|     MUNICIPAL COURTROOM AND COUNCIL CHAMBERS AND MAKING STREET
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0016|     IMPROVEMENTS IN THE CITY OF LORDSBURG IN HIDALGO COUNTY; MAKING
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0017|     AN APPROPRIATION; DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--APPROPRIATION OF PROCEEDS.--
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0021|            A.  The state board of finance may issue and sell
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0022|     severance tax bonds in compliance with the Severance Tax Bonding
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0023|     Act in an amount not exceed the total of the amounts authorized
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0024|     for purposes specified in Sections 2 and 3 of this act.  The
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0025|     state board of finance shall schedule the issuance and sale of
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0001|     the bonds in the most economical manner possible upon a finding
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0002|     by the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  Proceeds
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0007|     from the sale of the bonds are appropriated for the purposes
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0008|     specified in Sections 2 and 3 of this act.
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0009|            B.  The agencies named in Sections 2 and 3 of this
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0010|     act shall certify to the state board of finance when the money
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0011|     from the proceeds of the severance tax bonds authorized in this
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0012|     section is needed for the purposes specified in the applicable
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0013|     section of this act.
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0014|            C.  If the specified agency has not certified the
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0015|     need for the issuance of the bonds by the end of fiscal year
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0016|     1998, the authorization provided in this act shall be void.
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0017|            D.  Unless otherwise specified in this act, any
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0018|     unexpended or unencumbered balance remaining from the proceeds
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0019|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0020|     this act at the end of fiscal year 1999 shall revert to the
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0021|     severance tax bonding fund.
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0022|       Section 2.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0023|     ADMINISTRATION--PURPOSE.--Pursuant to the provisions of Section
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0024|     1 of this act, upon certification by the local government
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0025|     division of the department of finance and administration that
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0001|     the need exists for the issuance of the bonds, one hundred
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0002|     thousand dollars ($100,000) is appropriated to the local
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0003|     government division of the department of finance and
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0004|     administration to plan, design and construct an office and
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0005|     record building and to complete renovations to the municipal
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0006|     courtroom and council chambers in the city of Lordsburg located
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0007|     in Hidalgo county.
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0008|       Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0009|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0010|     of Sections 1 of this act, upon certification by the state
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0011|     highway and transportation department that the need exists for
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0012|     the issuance of the bonds, five hundred thousand dollars
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0013|     ($500,000) is appropriated to the state highway and
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0014|     transportation department to make improvements to various
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0015|     streets in the city of Lordsburg located in Hidalgo county.
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0016|       Section 4.  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|                                    
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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|                                              JANUARY 24, 1996
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0025|   
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0001|   Mr. President:
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0002|   
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0003|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0004|   
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0005|                           SENATE BILL 177
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0006|   
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0007|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0008|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0009|   COMMITTEE.
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0010|   
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0011|                              Respectfully submitted,
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0012|   
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0013|   
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0014|   
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0015|   
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0016|                              __________________________________
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0017|                              SENATOR MANNY M. ARAGON, Chairman 
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0018|   
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0019|   
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0020|   
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0021|   Adopted_______________________ Not Adopted_______________________
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0022|             (Chief Clerk)                        (Chief Clerk)
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0023|   
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0024|   
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0025|                     Date ________________________
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0001|   
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0002|   
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0003|   
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0004|   S0177CC1
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