0001| SENATE BILL 550
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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| LEONARD TSOSIE
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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 TO FUND THE PLANNING AND INITIAL START-UP
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0014| COSTS FOR PHASE I FACILITIES OF NAVAJO COMMUNITY COLLEGE AT
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0015| CROWNPOINT IN MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0016| 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 funding the
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0008| planning and initial start-up costs for phase I facilities of
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0009| Navajo community college located in McKinley county. Any
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0010| unexpended or unencumbered balance remaining at the end of
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0011| fiscal year 1999 shall revert to the severance tax bonding fund.
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0012| If the New Mexico office of Indian affairs has not certified the
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0013| need for the issuance of the bonds by the end of fiscal year
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0014| 1998, the 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-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 30, 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 550
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0006|
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0007| has had it under consideration and finds same to be GERMANE, PURSUANT
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0008| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0009| COMMITTEE.
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0010|
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0011| 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| SENATOR MANNY M. ARAGON, Chairman
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0018|
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0019|
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0020|
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0021| Adopted_______________________ Not Adopted_______________________
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024|
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0025| Date ________________________
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0002|
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0003|
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0004| S0550CC1
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