0001|                           SENATE BILL 426
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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 TO PURCHASE WALK-IN COOLERS FOR DONATED
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0013|     FOOD PROGRAMS IN NORTHWESTERN NEW MEXICO IN SAN JUAN AND
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0014|     MCKINLEY COUNTIES; MAKING AN APPROPRIATION; DECLARING AN
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0015|     EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding twenty-two
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0022|     thousand dollars ($22,000) when the New Mexico office of Indian
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0023|     affairs certifies the need for the issuance of the bonds.  The
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0024|     state board of finance shall schedule the issuance and sale of
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0025|     the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the New Mexico office of Indian affairs for the
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0008|     purpose of purchasing and installing two walk-in coolers for
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0009|     donated food programs in Kirtland and Mexican Springs located
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0010|     in San Juan and McKinley counties.  Any unexpended or
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0011|     unencumbered balance remaining at the end of fiscal year 2000
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0012|     shall revert to the severance tax bonding fund.  If the New
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0013|     Mexico office of Indian affairs has not certified the need for
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0014|     the issuance of the bonds by the end of fiscal year 1999, the
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0015|     authorization provided in 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-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 11, 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 426
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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 <u> 9 </u> For <u> 0 </u> Against
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0006|           Yes:    9
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0007|           No:     0
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0008|                Excused:     None
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0009|           Absent: None
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0010|   
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0011|   
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0012|   S0426IC1
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0013|   
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