0001|                            HOUSE BILL 613
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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|                           BRETT D. JOHNSON
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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 IN ROOSEVELT COUNTY;
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0013|     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|     hundred seventy-seven thousand four hundred fifty-five dollars
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0021|     ($177,455) when the state highway and transportation department
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0022|     certifies the need for the issuance of the bonds.  The state
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0023|     board of finance shall schedule the issuance and sale of the
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0024|     bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary
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0004|     to comply with the Internal Revenue Code of 1986, as amended. 
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0005|     The 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|     caliche restoration and triple chip seal of three and two-
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0008|     tenths miles of Roosevelt county road RR/A located in Roosevelt
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0009|     county.  Any unexpended or unencumbered balance remaining at
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0010|     the end of fiscal year 2000 shall revert to the severance tax
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0011|     bonding fund.  If the state highway and transportation
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0012|     department has not certified the need for the issuance of the
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0013|     bonds by the end of fiscal year 1999, the authorization
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0014|     provided in this section 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|   
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0020|                      FORTY-THIRD LEGISLATURE
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0021|                        FIRST SESSION, 1997
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0022|   
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0023|   
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0024|                                                  March 19, 1997
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0025|   
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0001|   Mr. President:
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0002|   
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0003|       Your JUDICIARY COMMITTEE, to whom has been referred
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0004|   
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0005|                          SENATE BILL 613
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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 NOT PASS, but that
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0009|   
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0010|               SENATE JUDICIARY COMMITTEE SUBSTITUTE FOR 
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0011|                            SENATE BILL 613
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0012| 
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0013|   DO PASS.
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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|                                Fernando R. Macias, Chairman 
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0021|   
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0022|   
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0023|   Adopted_______________________   Not Adopted_______________________
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0024|             (Chief Clerk)                          (Chief Clerk)
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0025|   
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0001|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
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0006|           Yes:    5
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0007|           No:     0
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0008|                Excused:     Tsosie, Vernon, Macias
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0009|           Absent: None
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0010|   
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0011|   
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0012|   S0613JU1
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