0001| SENATE BILL 707
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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 ROAD IMPROVEMENTS FOR THE CHURCH ROCK
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0013| CHAPTER IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014| 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 one
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0021| hundred seventy-five thousand dollars ($175,000) when the state
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0022| highway and transportation department certifies the need for
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0023| the issuance of the bonds. The state board of finance shall
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0024| schedule the issuance and sale of the bonds in the most
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0025| expeditious and economical manner possible upon a finding by
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0001| the board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| state highway and transportation department for the purpose of
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0008| making paving and road improvements for the Church Rock chapter
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0009| located in McKinley county. Any unexpended or unencumbered
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0010| balance remaining at the end of fiscal year 2000 shall revert
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0011| to the severance tax bonding fund. If the state highway and
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0012| transportation department has not certified the need for the
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0013| issuance of the bonds by the end of fiscal year 1999, the
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0014| authorization 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| February 20, 1997
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0025|
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0001| Mr. President:
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0002|
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0003| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0004| has been referred
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0005|
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0006| SENATE BILL 707
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS, and thence referred to the
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0010| FINANCE COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0013|
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0014|
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0015|
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0016|
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0017| __________________________________
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0018| John Pinto, Chairman
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0019|
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0020|
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0021|
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0022| Adopted_______________________ Not
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0023| 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 5 For 0 Against
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0006| Yes: 5
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0007| No: 0
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0008| Excused: Carraro, Davis, Kysar, Rawson
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0009| Absent: None
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0010|
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0011|
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0012| S0707IC1
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0013|
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