0001| SENATE BILL 9 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| GLORIA HOWES | 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 MCKINLEY COUNTY; | 0014| MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Section 2 of this act. The | 0023| state board of finance shall schedule the issuance and sale of | 0024| the bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary to | 0004| comply with the Internal Revenue Code of 1986, as amended. | 0005| Proceeds from the sale of the bonds are appropriated for the | 0006| purposes specified in Section 2 of this act. | 0007| B. The agency named in Section 2 of this act shall | 0008| certify to the state board of finance when the money from the | 0009| proceeds of the severance tax bonds authorized in this section | 0010| is needed for the purposes specified in the applicable section | 0011| of this act. | 0012| C. If the specified agency has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1998, the authorization provided in this act shall be void. | 0015| D. Unless otherwise specified in this act, any | 0016| unexpended or unencumbered balance remaining from the proceeds | 0017| of severance tax bonds issued pursuant to Section 2 of this act | 0018| at the end of fiscal year 1999 shall revert to the severance tax | 0019| bonding fund. | 0020| Section 2. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0021| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions | 0022| of Section 1 of this act, upon certification by the state | 0023| highway and transportation department that the need exists for | 0024| the issuance of the bonds, the following amounts are | 0025| appropriated to the state highway and transportation department | 0001| for the following purposes: | 0002| A. one hundred thousand dollars ($100,000) to | 0003| continue improvement of Spencer Valley road located in McKinley | 0004| county; | 0005| B. sixty thousand dollars ($60,000) to improve | 0006| Peterson Yazzie road in McKinley county; and | 0007| C. two hundred twenty-five thousand dollars | 0008| ($225,000) to improve Whispering Cedars road in McKinley county. | 0009| Section 3. EMERGENCY.--It is necessary for the public | 0010| peace, health and safety that this act take effect immediately. | 0011|  | 0012| | 0013| FORTY-SECOND LEGISLATURE | 0014| SECOND SESSION, 1996 | 0015| | 0016| | 0017| JANUARY 18, 1996 | 0018| | 0019| Mr. President: | 0020| | 0021| Your COMMITTEES' COMMITTEE, to whom has been referred | 0022| | 0023| SENATE BILL 9 | 0024| | 0025| has had it under consideration and finds same to be GERMANE, PURSUANT | 0001| TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE | 0002| INDIAN AND CULTURAL AFFAIRS COMMITTEE. | 0003| | 0004| Respectfully submitted, | 0005| | 0006| | 0007| | 0008| | 0009| __________________________________ | 0010| SENATOR MANNY M. ARAGON, Chairman | 0011| | 0012| | 0013| | 0014| Adopted_______________________ Not Adopted_______________________ | 0015| (Chief Clerk) (Chief Clerk) | 0016| | 0017| | 0018| Date ________________________ | 0019| | 0020| | 0021| | 0022| The roll call vote was For Against | 0023| Yes: | 0024| No: | 0025| Excused: | 0001| Absent: | 0002| | 0003| | 0004| SOOO9CC1 | 0005| | 0006| FORTY-SECOND LEGISLATURE | 0007| SECOND SESSION, 1996 | 0008| | 0009| | 0010| January 25, 1996 | 0011| | 0012| Mr. President: | 0013| | 0014| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has | 0015| been referred | 0016| | 0017| SENATE BILL 9 | 0018| | 0019| has had it under consideration and reports same with recommendation that | 0020| it DO PASS, and thence referred to the FINANCE COMMITTEE. | 0021| | 0022| Respectfully submitted, | 0023| | 0024| | 0025| | 0001| __________________________________ | 0002| John Pinto, Chairman | 0003| | 0004| | 0005| | 0006| Adopted_______________________ Not Adopted_______________________ | 0007| (Chief Clerk) (Chief Clerk) | 0008| | 0009| | 0010| Date ________________________ | 0011| | 0012| | 0013| The roll call vote was 7 For 0 Against | 0014| Yes: 7 | 0015| No: 0 | 0016| Excused: Rutherford | 0017| Absent: none | 0018| | 0019| | 0020| S0009IC1 | 0021| | 0022| |