0001|                            SENATE BILL 74
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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|                              JOHN PINTO
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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 IMPROVEMENT OF DEER SPRINGS ROAD IN
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0013|     MEXICAN SPRINGS IN MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding seventy-
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0021|     five thousand dollars ($75,000) when the state highway and
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0022|     transportation department certifies the need for the issuance
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0023|     of the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a
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0003|     reasonable time.  The state board of finance shall further take
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0004|     the appropriate steps necessary to comply with the Internal
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0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0006|     of the bonds are appropriated to the state highway and
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0007|     transportation department for the purpose of completing
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0008|     improvement, including graveling and purchase and installation
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0009|     of culverts, of Deer Springs road, the Nakaibito loop, in
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0010|     Mexican Springs located in McKinley county.  Any unexpended or
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0011|     unencumbered balance remaining at the end of fiscal year 2000
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0012|     shall revert to the severance tax bonding fund.  If the state
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0013|     highway and transportation department has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this section shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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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|     
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0025|       
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0001|   
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0002|                      FORTY-THIRD LEGISLATURE
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0003|                        FIRST SESSION, 1997
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0004|   
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0005|   
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0006|                                                January 30, 1997
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0007|   
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0008|   Mr. President:
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0009|   
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0010|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0011|   has been referred
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0012|   
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0013|                           SENATE BILL 74
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0014|   
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0015|   has had it under consideration and reports same with
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0016|   recommendation that it DO PASS, and thence referred to the
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0017|   FINANCE COMMITTEE.
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0018|   
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0019|                                Respectfully submitted,
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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|   __________________________________
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0025|                                John Pinto, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________   Not
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0005|   Adopted_______________________
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0006|             (Chief Clerk)                          (Chief Clerk)
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0007|   
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0008|   
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0009|                     Date ________________________
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0010|   
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0011|   
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0012|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0013|           Yes:    6
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0014|           No:     0
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0015|                Excused:     Carraro, Kysar, Davis
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0016|           Absent: None
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0017|   
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0018|   
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0019|   S0074IC1
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0020|   
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