0001|                           SENATE BILL 423
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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 CAPITAL PROJECTS IN TWIN LAKES IN
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0013|     MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding seven hundred forty-one
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0022|     thousand five hundred forty dollars ($741,540) when the New
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0023|     Mexico office of Indian affairs certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the New
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0008|     Mexico office of Indian affairs in the following amounts for
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0009|     the following purposes:
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0010|                    (1)  five hundred seventy-seven thousand eight
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0011|     hundred ten dollars ($577,810) to plan, design, construct or
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0012|     equip a new senior citizen center in Twin Lakes in McKinley
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0013|     county; and
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0014|                    (2)  one hundred sixty-three thousand seven
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0015|     hundred thirty dollars ($163,730) to construct low-income
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0016|     housing in Twin Lakes in McKinley county.
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0017|               B.  If the New Mexico office of Indian affairs has
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0018|     not certified the need for the issuance of the bonds by the end
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0019|     of fiscal year 1999, the authorization provided in this section
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0020|     shall be void.  Any unexpended or unencumbered balance
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0021|     remaining from the proceeds of severance tax bonds issued
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0022|     pursuant to Subsection A of this section at the end of fiscal
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0023|     year 2000 shall revert to the severance tax bonding fund. 
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0024|          Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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0001|                                    
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0002|   
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0003|                      FORTY-THIRD LEGISLATURE
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0004|                        FIRST SESSION, 1997
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0005|   
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0006|   
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0007|                                               February 11, 1997
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0008|   
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0009|   Mr. President:
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0010|   
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0011|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0012|   has been referred
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0013|   
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0014|                          SENATE BILL 423
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0015|   
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0016|   has had it under consideration and reports same with
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0017|   recommendation that it DO PASS, and thence referred to the
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0018|   FINANCE COMMITTEE.
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0019|   
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0020|                                Respectfully submitted,
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0021|   
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0022|   
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0023|   
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0024|                                
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0025|   __________________________________
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0001|                                John Pinto, Chairman 
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0002|   
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0003|   
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0004|   
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0005|   Adopted_______________________   Not
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0006|   Adopted_______________________
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0007|             (Chief Clerk)                          (Chief Clerk)
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0008|   
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0009|   
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0010|                     Date ________________________
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0011|   
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0012|   
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0013|   The roll call vote was <u> 9 </u> For <u> 0 </u> Against
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0014|           Yes:    9
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0015|           No:     0
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0016|                Excused:     None
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0017|           Absent: None
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0018|   
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0019|   
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0020|   S0423IC1
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0021|   
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