0001| SENATE BILL 158
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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| DIANNA J. DURAN
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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 FOR THE PURCHASE OF A VEHICLE TO BE USED IN
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0014| NORTHERN NEW MEXICO AND TO MAKE REPAIRS TO FACILITIES OF THE
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0015| OFFICE OF CULTURAL AFFAIRS THROUGHOUT THE STATE; MAKING AN
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0016| APPROPRIATION; DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0020| A. The state board of finance may issue and sell
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0021| severance tax bonds in compliance with the Severance Tax Bonding
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0022| Act in an amount not exceeding eight hundred fifty thousand
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0023| dollars ($850,000) when the office of cultural affairs certifies
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0024| the need for the issuance of the bonds. The state board of
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0025| finance shall schedule the issuance and sale of the bonds in the
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0001| most expeditious and economical manner possible upon a finding
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0002| by 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| office of cultural affairs in the following amounts for the
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0009| following purposes:
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0010| (1) seven hundred fifty thousand dollars
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0011| ($750,000) to make repairs to facilities throughout the state;
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0012| and
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0013| (2) one hundred thousand dollars ($100,000) to
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0014| replace a bookmobile vehicle to be used in northern New Mexico.
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0015| B. If the office of cultural affairs has not
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0016| certified the need for the issuance of the bonds by the end of
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0017| fiscal year 1999, the authorization provided in this section
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0018| shall be void. Any unexpended or unencumbered balance remaining
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0019| from the proceeds of severance tax bonds issued pursuant to
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0020| Subsection A of this section at the end of fiscal year 2000
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0021| shall revert to the severance tax bonding fund.
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0022| Section 2. EMERGENCY.--It is necessary for the public
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0023| peace, health and safety that this act take effect immediately.
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0024|
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0025|
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0001|
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0002| FORTY-SECOND LEGISLATURE
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0003| SECOND SESSION, 1996
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0004|
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0005|
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0006| JANUARY 24, 1996
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0007|
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0008| Mr. President:
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0009|
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0010| Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|
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0012| SENATE BILL 158
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0013|
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0014| has had it under consideration and finds same to be GERMANE, PURSUANT
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0015| TO CONSTITUTIONAL PROVISIONS, and thence referred to the
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0016| CONSERVATION COMMITTEE.
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0017|
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0018| Respectfully submitted,
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0019|
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| SENATOR MANNY M. ARAGON, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007| Date ________________________
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0008|
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0009|
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0010|
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0011| S0158CC1
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0012|
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0013| FORTY-SECOND LEGISLATURE
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0014| SECOND SESSION, 1996
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0015|
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0016|
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0017| February 6, 1996
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0018|
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0019| Mr. President:
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0020|
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0021| Your CONSERVATION COMMITTEE, to whom has been referred
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0022|
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0023| SENATE BILL 158
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0024|
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0025| has had it under consideration and reports same with recommendation that
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0001| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0002|
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0003| Respectfully submitted,
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0004|
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0005|
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0006|
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0007| __________________________________
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0008| TOM R. BENAVIDES, Chairman
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0009|
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0010|
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0011|
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0012| Adopted_______________________ Not Adopted_______________________
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0013| (Chief Clerk) (Chief Clerk)
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0014|
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0015|
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0016| Date ________________________
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0017|
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0018|
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0019| The roll call vote was 5 For 0 Against
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0020| Yes: 5
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0021| No: 0
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0022| Excused: Rutherford, Tsosie, Vernon, Wray
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0023| Absent: 0
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0024|
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0025|
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0001| S0158CO1
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0002|
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0003|
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