0001| SENATE BILL 398
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| VIRGIL O. RHODES
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0007|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS TO MAKE IMPROVEMENTS TO AND PAVE THE PUBLIC
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0014| ROAD FROM THE SANTO DOMINGO LONG BRIDGE CROSSING TO SILE ON THE
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0015| SANTO DOMINGO PUEBLO LOCATED IN SANDOVAL COUNTY; MAKING AN
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0016| APPROPRIATION; DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding one hundred thousand
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0022| dollars ($100,000) when the New Mexico office of Indian affairs
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0023| certifies the need for the issuance of the bonds. The state
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0024| board of finance shall schedule the issuance and sale of the
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0025| bonds in the most expeditious and economical manner possible
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0001| upon a finding by the board that the project has been developed
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0002| sufficiently to justify the issuance and that the project can
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0003| proceed to contract within a reasonable time. The state board
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0004| of finance shall further take the appropriate steps necessary to
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0005| comply 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 New
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0007| Mexico office of Indian affairs for the purpose of making
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0008| improvements to and paving a public road from the Santo Domingo
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0009| long bridge crossing to Sile on the Santo Domingo pueblo located
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0010| in Sandoval county. Any unexpended or unencumbered balance
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0011| remaining at the end of fiscal year 1999 shall revert to the
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0012| severance tax bonding fund. If the New Mexico office of Indian
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0013| affairs has not certified the need for the issuance of the bonds
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0014| by the end of fiscal year 1998, the authorization provided in
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0015| 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| FORTY-SECOND LEGISLATURE
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0021| SECOND SESSION, 1996
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0022|
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0023|
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0024| JANUARY 27, 1996
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0025|
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0001| Mr. President:
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0002|
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0003| Your COMMITTEES' COMMITTEE, to whom has been referred
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0004|
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0005| SENATE BILL 398
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0006| has had it under consideration and finds same to be GERMANE, PURSUANT
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0007| TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE
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0008| COMMITTEE.
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0009|
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0010| Respectfully submitted,
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0011|
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0014|
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0015| __________________________________
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0016| SENATOR MANNY M. ARAGON, Chairman
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0018|
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0019|
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0020| Adopted_______________________ Not Adopted_______________________
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0021| (Chief Clerk) (Chief Clerk)
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0022|
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0023|
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0024| Date ________________________
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0025|
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0001|
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0002|
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0003| S0398CC1
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