0001|                           SENATE BILL 881
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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|                              JOHN PINTO
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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 TO IMPROVE A ROAD IN UPPER FRUITLAND IN SAN
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0013|     JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0018|     issue and sell severance tax bonds in compliance with the
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0019|     Severance Tax Bonding Act in an amount not exceeding one
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0020|     million three hundred thousand dollars ($1,300,000) when the
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0021|     state highway and transportation department certifies the need
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0022|     for the issuance of the bonds.  The state board of finance
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0023|     shall schedule the issuance and sale of the bonds in the most
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0024|     expeditious and economical manner possible upon a finding by
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0025|     the board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     state highway and transportation department for the purpose of
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0007|     improving, including paving, old N36 for six and four-tenths
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0008|     miles in upper Fruitland located in San Juan county.  Any
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0009|     unexpended or unencumbered balance remaining at the end of
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0010|     fiscal year 2000 shall revert to the severance tax bonding
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0011|     fund.  If the state highway and transportation department has
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0012|     not certified the need for the issuance of the bonds by the end
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0013|     of fiscal year 1999, the authorization provided in this section
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0014|     shall be void.
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                                    
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0018|   
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0019|                      FORTY-THIRD LEGISLATURE
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0020|                        FIRST SESSION, 1997
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0021|   
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0022|   
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0023|                                                   March 4, 1997
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0024|   

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0025|   Mr. President:
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0001|   
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0002|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0003|   has been referred
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0004|   
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0005|                          SENATE BILL 881
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0006|   
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0007|   has had it under consideration and reports same with
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0008|   recommendation that it DO PASS, and thence referred to the
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0009|   FINANCE 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|                                John Pinto, Chairman 
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0018|   
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0019|   
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0020|   
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0021|   Adopted_______________________   Not
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0022|   Adopted_______________________
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0023|             (Chief Clerk)                          (Chief Clerk)
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0024|   
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0025|   
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0001|                     Date ________________________
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0002|   
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0003|   
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0004|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0005|           Yes:    6
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0006|           No:     0
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0007|                Excused:     Davis, Maes, Rawson
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0008|           Absent: None
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0009|   
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0010|   
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0011|   S0881IC1
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