0001|                            SENATE BILL 64
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          LEONARD LEE RAWSON
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR ROAD IMPROVEMENTS AT ELEPHANT BUTTE
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0013|     STATE PARK IN SIERRA COUNTY; MAKING AN APPROPRIATION; DECLARING 
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0014|     AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding one
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0021|     million five hundred twelve thousand dollars ($1,512,000) when
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0022|     the state park and recreation division of the energy, minerals
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0023|     and natural resources department certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     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.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state park and recreation division of the energy, minerals and
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0009|     natural resources department for the purpose of planning,
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0010|     designing, constructing, improving and extending the Elephant
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0011|     Butte state park access road from interstate 25 exit 89 to the
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0012|     Monticello Point area in Sierra county.  Any unexpended or
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0013|     unencumbered balance remaining at the end of fiscal year 2000
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0014|     shall revert to the severance tax bonding fund.  If the state
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0015|     park and recreation division of the energy, minerals and
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0016|     natural resources department has not certified the need for the
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0017|     issuance of the bonds by the end of fiscal year 1999, the
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0018|     authorization provided in this section shall be void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                                    
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0022|   
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0023|                      FORTY-THIRD LEGISLATURE
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0024|                        FIRST SESSION, 1997                     
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0025|   
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0001|   
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0002|                                                January 30, 1997
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0003|   
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0004|   Mr. President:
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0005|   
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0006|       Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
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0007|   whom has been referred
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0008|   
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0009|                           SENATE BILL 64
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0010|   
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0011|   has had it under consideration and reports same with
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0012|   recommendation that it DO PASS, and thence referred to the
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0013|   FINANCE COMMITTEE.
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0014|   
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0015|                                Respectfully submitted,
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0016|   
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0017|   
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0018|   
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0019|                                
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0020|   __________________________________
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0021|                                Roman M. Maes, III, Chairman 
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0022|   
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0023|   
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0024|   
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0025|   Adopted_______________________   Not
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0001|   Adopted_______________________
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0002|             (Chief Clerk)                          (Chief Clerk)
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0003|   
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0004|   
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0005|                     Date ________________________
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0006|   
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0007|   
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0008|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
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0009|           Yes:    8
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0010|           No:     None
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0011|                Excused:     Robinson, Maloof
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0012|           Absent: None
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0013|   
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0014|   
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0015|   S0064CT1
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0016|   
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