0001|                         SENATE BILL 16
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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|                          ANN J. RILEY
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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|     
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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 TO CONSTRUCT AN OUTDOOR CLASSROOM AT SANDIA
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0014|     HIGH SCHOOL IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN
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0015|     APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding ninety-five thousand
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0021|     dollars ($95,000) when the local government division of the
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0022|     department of finance and administration certifies the need for
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0023|     the issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     local government division of the department of finance and
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0008|     administration for the purpose of constructing, landscaping and
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0009|     equipping a structure for use as an outdoor science classroom
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0010|     emphasizing the study of the natural environment at Sandia high
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0011|     school in the city of Albuquerque located in Bernalillo county. 
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0012|     Any unexpended or unencumbered balance remaining six months
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0013|     after completion of the project shall revert to the severance
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0014|     tax bonding fund.  If the local government division of the
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0015|     department of finance and administration has not certified the
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0016|     need for the issuance of the bonds by the end of fiscal year
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0017|     1999, the authorization provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                            - 2 -
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0021|           
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0022|   
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0023|                    FORTY-SECOND LEGISLATURE
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0024|                      SECOND SESSION, 1996
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0025|   
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0001|   
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0002|                                              JANUARY 18, 1996
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0003|   
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0004|   Mr. President:
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0005|   
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0006|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0007|   
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0008|                           SENATE BILL 16
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0009|   
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0010|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0011|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE WAYS
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0012|   AND MEANS COMMITTEE.
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0013|   
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0014|                              Respectfully submitted,
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0015|   
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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|                              SENATOR MANNY M., Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________ Not Adopted_______________________
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0025|             (Chief Clerk)                        (Chief Clerk)
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   
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0007|   The roll call vote was <u>  </u> For <u>  </u> Against
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0008|   Yes:  
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0009|   No:        
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0010|   Excused:   
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0011|   Absent:    
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0012|   
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0013|   
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0014|   S0016CC1
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