0001|                           SENATE BILL 631
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          ROMAN M. MAES III
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR REPAIRS AND RENOVATIONS AT MUSEUM OF
    |
0013|     NEW MEXICO FACILITIES STATEWIDE, INCLUDING AMERICANS WITH
    |
0014|     DISABILITIES ACT OF 1990 COMPLIANCE; MAKING AN APPROPRIATION;
    |
0015|     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 one hundred thousand dollars ($1,100,000) when the
    |
0023|     office of cultural affairs certifies the need for the issuance
    |
0024|     of the bonds.  The state board of finance shall schedule the
    |
0025|     issuance and sale of the bonds in the most expeditious and
    |
0001|     economical manner possible upon a finding by the board that the
    |
0002|     project has been developed sufficiently to justify the issuance
    |
0003|     and that the project can proceed to contract within a
    |
0004|     reasonable time.  The state board of finance shall further take
    |
0005|     the appropriate steps necessary to comply with the Internal
    |
0006|     Revenue Code of 1986, as amended.  The proceeds from the sale
    |
0007|     of the bonds are appropriated to the office of cultural affairs
    |
0008|     for the purpose of repairs and renovations, including Americans
    |
0009|     with Disabilities Act of 1990 compliance, at museum of New
    |
0010|     Mexico facilities statewide.  Any unexpended or unencumbered
    |
0011|     balance remaining at the end of fiscal year 2000 shall revert
    |
0012|     to the severance tax bonding fund.  If the office of cultural
    |
0013|     affairs has not certified the need for the issuance of the
    |
0014|     bonds by the end of fiscal year 1999, the authorization
    |
0015|     provided in this section shall be void.
    |
0016|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                                  
    |
0019|       
    |
0020|   
    |
0021|                      FORTY-THIRD LEGISLATURE
    |
0022|                        FIRST SESSION, 1997
    |
0023|   
    |
0024|   
    |
0025|                                               February 18, 1997
    |
0001|   
    |
0002|   Mr. President:
    |
0003|   
    |
0004|       Your CONSERVATION COMMITTEE, to whom has been referred
    |
0005|   
    |
0006|                          SENATE BILL 631
    |
0007|   
    |
0008|   has had it under consideration and reports same with
    |
0009|   recommendation that it DO PASS, and thence referred to the
    |
0010|   FINANCE COMMITTEE.
    |
0011|   
    |
0012|                                Respectfully submitted,
    |
0013|   
    |
0014|   
    |
0015|   
    |
0016|                                
    |
0017|   __________________________________
    |
0018|                                Michael S. Sanchez, Chairman 
    |
0019|   
    |
0020|   
    |
0021|   
    |
0022|   Adopted_______________________   Not
    |
0023|   Adopted_______________________
    |
0024|             (Chief Clerk)                          (Chief Clerk)
    |
0025|   
    |
0001|   
    |
0002|                     Date ________________________
    |
0003|   
    |
0004|   
    |
0005|   The roll call vote was <u> 7 </u> For <u> 1 </u> Against
    |
0006|           Yes:    7
    |
0007|           No:     Davis
    |
0008|                Excused:     Kysar, Lyons
    |
0009|           Absent: None
    |
0010|   
    |
0011|   
    |
0012|   S0631CO1
    |
0013|   
    |