0001| SENATE BILL 719 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DON KIDD | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS IN OTERO COUNTY; | 0014| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0018| and sell severance tax bonds in compliance with the Severance | 0019| Tax Bonding Act in an amount not exceeding one hundred thousand | 0020| dollars ($100,000) when the state highway and transportation | 0021| department certifies the need for the issuance of the bonds. | 0022| The state board of finance shall schedule the issuance and sale | 0023| of the bonds in the most expeditious and economical manner | 0024| possible upon a finding by the board that the project has been | 0025| developed sufficiently to justify the issuance and that the | 0001| project can proceed to contract within a reasonable time. The | 0002| state board of finance shall further take the appropriate steps | 0003| necessary to comply with the Internal Revenue Code of 1986, as | 0004| amended. The proceeds from the sale of the bonds are | 0005| appropriated to the state highway and transportation department | 0006| for the purpose of making road improvements to road 6563 between | 0007| Cloudcroft and Timberon located in Otero county. Any unexpended | 0008| or unencumbered balance remaining at the end of fiscal year 1999 | 0009| shall revert to the severance tax bonding fund. If the state | 0010| highway and transportation department has not certified the need | 0011| for the issuance of the bonds by the end of fiscal year 1998, | 0012| the authorization provided in this section shall be void. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015|  | 0016| | 0017| FORTY-SECOND LEGISLATURE | 0018| SECOND SESSION, 1996 | 0019| | 0020| | 0021| FEBRUARY 1, 1996 | 0022| | 0023| Mr. President: | 0024| | 0025| Your COMMITTEES' COMMITTEE, to whom has been referred | 0001| | 0002| SENATE BILL 719 | 0003| | 0004| has had it under consideration and finds same to be GERMANE, PURSUANT | 0005| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0006| COMMITTEE. | 0007| | 0008| Respectfully submitted, | 0009| | 0010| | 0011| | 0012| | 0013| __________________________________ | 0014| SENATOR MANNY M. ARAGON, Chairman | 0015| | 0016| | 0017| | 0018| Adopted_______________________ Not Adopted_______________________ | 0019| (Chief Clerk) (Chief Clerk) | 0020| | 0021| | 0022| Date ________________________ | 0023| | 0024| | 0025| | 0001| S0719CC1 | 0002| |