0001| SENATE BILL 421
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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| JOHN PINTO
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0007|
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0008|
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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 FOR THE SAN JUAN CHAPTER HOUSE IN SAN JUAN
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0014| COUNTY; MAKING AN APPROPRIATION; 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018| and sell severance tax bonds in compliance with the Severance
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0019| Tax Bonding Act in an amount not exceeding six hundred thirty-two thousand six hundred sixty-two dollars ($632,662) when the
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0020| New Mexico office of Indian affairs certifies the need for the
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0021| issuance of the bonds. The state board of finance shall
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0022| schedule the issuance and sale of the bonds in the most
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0023| expeditious and economical manner possible upon a finding by the
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0024| board that the project has been developed sufficiently to
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0025| justify the issuance and that the project can proceed to
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0001| contract within a reasonable time. The state board of finance
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0002| shall further take the appropriate steps necessary to comply
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0003| with the Internal Revenue Code of 1986, as amended. The
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0004| proceeds from the sale of the bonds are appropriated to the New
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0005| Mexico office of Indian affairs for the purpose of planning,
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0006| designing, constructing and equipping a chapter house for the
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0007| San Juan chapter of the Navajo nation located in San Juan
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0008| county. Any unexpended or unencumbered balance remaining at the
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0009| end of fiscal year 1999 shall revert to the severance tax
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0010| bonding fund. If the New Mexico office of Indian affairs has
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0011| not certified the need for the issuance of the bonds by the end
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0012| of fiscal year 1998, the authorization provided in this section
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0013| shall be void.
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0014| Section 2. EMERGENCY.--It is necessary for the public
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0015| peace, health and safety that this act take effect immediately.
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0016|
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0017|
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0018|
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0019| FORTY-SECOND LEGISLATURE
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0020| SECOND SESSION, 1996
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0021|
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0022|
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0023| JANUARY 29, 1996
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0024|
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0025| Mr. President:
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0001|
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0002| Your COMMITTEES' COMMITTEE, to whom has been referred
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0003|
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0004| SENATE BILL 421
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0005|
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0006| has had it under consideration and finds same to be GERMANE, PURSUANT
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0007| TO CONSTITUTIONAL 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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0012|
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0013|
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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| S0421CC1
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