0001|                            SENATE BILL 70
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          LEONARD LEE RAWSON
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR THE PLANNING, DESIGN AND PURCHASE OF
    |
0013|     RIGHTS OF WAY FOR A FRONTAGE ROAD AS AN IMPROVEMENT TO THE
    |
0014|     UNITED STATES HIGHWAY 70 AND INTERSTATE 25 INTERCHANGE IN DONA
    |
0015|     ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0020|     issue and sell severance tax bonds in compliance with the
    |
0021|     Severance Tax Bonding Act in an amount not exceeding one
    |
0022|     million five hundred thousand dollars ($1,500,000) when the
    |
0023|     state highway and transportation department certifies the need
    |
0024|     for the issuance of the bonds.  The state board of finance
    |
0025|     shall schedule the issuance and sale of the bonds in the most
    |
0001|     expeditious and economical manner possible upon a finding by
    |
0002|     the board that the project has been developed sufficiently to
    |
0003|     justify the issuance and that the project can proceed to
    |
0004|     contract within a reasonable time.  The state board of finance
    |
0005|     shall further take the appropriate steps necessary to comply
    |
0006|     with the Internal Revenue Code of 1986, as amended.  The
    |
0007|     proceeds from the sale of the bonds are appropriated to the
    |
0008|     state highway and transportation department for the planning,
    |
0009|     design and acquisition of rights of way for a frontage road
    |
0010|     from the United States highway 70 and interstate 25 interchange
    |
0011|     east nearly to the Onate high school in Dona Ana county.  Any
    |
0012|     unexpended or unencumbered balance remaining at the end of
    |
0013|     fiscal year 2000 shall revert to the severance tax bonding
    |
0014|     fund.  If the state highway and transportation department has
    |
0015|     not certified the need for the issuance of the bonds by the end
    |
0016|     of fiscal year 1999, the authorization provided in this section
    |
0017|     shall be void.
    |
0018|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0019|     peace, health and safety that this act take effect immediately.
    |
0020|                                  
    |
0021|     
    |
0022|       
    |
0023|   
    |
0024|                      FORTY-THIRD LEGISLATURE
    |
0025|                        FIRST SESSION, 1997
    |
0001|   
    |
0002|   
    |
0003|                                                January 30, 1997
    |
0004|   
    |
0005|   Mr. President:
    |
0006|   
    |
0007|       Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
    |
0008|   whom has been referred
    |
0009|   
    |
0010|                           SENATE BILL 70
    |
0011|   
    |
0012|   has had it under consideration and reports same with
    |
0013|   recommendation that it DO PASS, and thence referred to the
    |
0014|   FINANCE COMMITTEE.
    |
0015|   
    |
0016|                                Respectfully submitted,
    |
0017|   
    |
0018|   
    |
0019|   
    |
0020|                                
    |
0021|   __________________________________
    |
0022|                                Roman M. Maes, III, Chairman 
    |
0023|   
    |
0024|   
    |

0025|   
    |
0001|   Adopted_______________________   Not
    |
0002|   Adopted_______________________
    |
0003|             (Chief Clerk)                          (Chief Clerk)
    |
0004|   
    |
0005|   
    |
0006|                     Date ________________________
    |
0007|   
    |
0008|   
    |
0009|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
    |
0010|           Yes:    8
    |
0011|           No:     None
    |
0012|                Excused:     Robinson, Maloof
    |
0013|           Absent: None
    |
0014|   
    |
0015|   
    |
0016|   S0070CT1
    |
0017|   
    |