0001| SENATE BILL 318
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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| PETE CAMPOS
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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 CERTAIN CAPITAL PROJECTS IN THE VILLAGE
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0014| OF FORT SUMNER LOCATED IN DE BACA COUNTY; MAKING APPROPRIATIONS;
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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--AUTHORIZATIONS--
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0019| APPROPRIATION OF PROCEEDS.--
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0020| A. The state board of finance may issue and sell
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0021| severance tax bonds in compliance with the Severance Tax Bonding
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0022| Act in an amount not to exceed the total of the amounts
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0023| authorized for purposes specified in Sections 2 and 3 of this
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0024| act. The state board of finance shall schedule the issuance and
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0025| sale of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time. The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006| amended. Proceeds from the sale of the bonds are appropriated
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0007| for the purposes specified in Sections 2 and 3 of this act.
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0008| B. The agencies named in Sections 2 and 3 of this
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0009| act shall certify to the state board of finance when the money
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0010| from the proceeds of the severance tax bonds authorized in this
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0011| section is needed for the purposes specified in the applicable
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0012| section of this act.
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0013| C. If the specified agency has not certified the
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0014| need for the issuance of the bonds by the end of fiscal year
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0015| 1998, the authorization provided in this act shall be void.
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0016| D. Unless otherwise specified in this act, any
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0017| unexpended or unencumbered balance remaining from the proceeds
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0018| of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019| this act at the end of fiscal year 1999 shall revert to the
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0020| severance tax bonding fund.
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0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF
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0022| ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0023| of this act, upon certification by the department of environment
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0024| that the need exists for the issuance of the bonds, five hundred
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0025| thousand dollars ($500,000) is appropriated to the department of
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0001| environment for the purpose of making improvements to the
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0002| domestic water system in the village of Fort Sumner located in
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0003| De Baca county.
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0004| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0005| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0006| of Section 1 of this act, upon certification by the state
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0007| highway and transportation department that the need exists for
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0008| the issuance of the bonds, five hundred thousand dollars
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0009| ($500,000) is appropriated to the state highway and
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0010| transportation department for the purpose of making improvements
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0011| to certain streets in the village of Fort Sumner located in De
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0012| Baca county.
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0013| Section 4. EMERGENCY.--It is necessary for the public
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0014| peace, health and safety that this act take effect immediately.
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0015|
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0016|
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0017|
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0018| FORTY-SECOND LEGISLATURE
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0019| SECOND SESSION, 1996
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0020|
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0021|
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0022| JANUARY 26, 1996
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0023|
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0024| Mr. President:
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0025|
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0001| Your COMMITTEES' COMMITTEE, to whom has been referred
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0002|
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0003| SENATE BILL 318
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0004|
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0005| has had it under consideration and finds same to be GERMANE, PURSUANT
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0006| TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE
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0007| COMMITTEE.
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0008|
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0009| Respectfully submitted,
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0010|
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0011|
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0012|
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0013|
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0014| __________________________________
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0015| SENATOR MANNY M. ARAGON, Chairman
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0016|
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0017|
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0018|
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0019| Adopted_______________________ Not Adopted_______________________
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0020| (Chief Clerk) (Chief Clerk)
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0021|
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0022|
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0023| Date ________________________
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0024|
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0025|
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0001|
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0002| S0318CC1
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0003|
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0004| FORTY-SECOND LEGISLATURE
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0005| SECOND SESSION, 1996
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0006|
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0007|
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0008| JANUARY 26, 1996
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0009|
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0010| Mr. President:
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0011|
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0012| Your COMMITTEES' COMMITTEE, to whom has been referred
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0013|
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0014| SENATE BILL 318
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0015|
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0016| has had it under consideration and finds same to be GERMANE, PURSUANT
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0017| TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE
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0018| COMMITTEE.
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0019|
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0020| Respectfully submitted,
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0021|
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0022|
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0023|
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0024|
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0025| __________________________________
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0001| SENATOR MANNY M. ARAGON, Chairman
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0002|
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0003|
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0004|
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0005| Adopted_______________________ Not Adopted_______________________
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0006| (Chief Clerk) (Chief Clerk)
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0007|
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0008|
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0009| Date ________________________
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0010|
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0011|
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0012|
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0013| S0318CC1
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