0001|                           SENATE BILL 424
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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 EXTEND POWER TO AND WIRE LOW-INCOME
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0013|     HOUSING NEAR SHEEPSPRINGS IN SAN JUAN COUNTY; MAKING AN
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0014|     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-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding one
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0021|     hundred seventy thousand one hundred twenty-five dollars
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0022|     ($170,125) 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
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0005|     to comply with the Internal Revenue Code of 1986, as amended. 
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0006|     The proceeds from the sale of the bonds are appropriated to the
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0007|     New Mexico office of Indian affairs for the purpose of
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0008|     extending power to and wiring low-income homes in Sheepsprings
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0009|     located in San Juan county.  Any unexpended or unencumbered
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0010|     balance remaining at the end of fiscal year 2000 shall revert
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0011|     to the severance tax bonding fund.  If the New Mexico office of
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0012|     Indian affairs has not certified the need for the issuance of
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0013|     the bonds by the end of fiscal year 1999, the authorization
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0014|     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|                                - 2 -  
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0018|   
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0019|                      FORTY-THIRD LEGISLATURE
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0020|                        FIRST SESSION, 1997
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0021|   
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0022|   
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0023|                                               February 11, 1997
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0024|   
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0025|   Mr. President:
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0001|   
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0002|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0003|   has been referred
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0004|   
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0005|                          SENATE BILL 424
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0006|   
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0007|   has had it under consideration and reports same with
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0008|   recommendation that it DO PASS, and thence referred to the
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0009|   FINANCE COMMITTEE.
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0010|   
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0011|                                Respectfully submitted,
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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|   __________________________________
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0017|                                John Pinto, Chairman 
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0018|   
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0019|   
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0020|   
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0021|   Adopted_______________________   Not
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0022|   Adopted_______________________
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0023|             (Chief Clerk)                          (Chief Clerk)
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0024|   
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0025|   
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0001|                     Date ________________________
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0002|   
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0003|   
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0004|   The roll call vote was <u> 9 </u> For <u> 0 </u> Against
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0005|           Yes:    9
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0006|           No:     0
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0007|                Excused:     None
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0008|           Absent: None
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0009|   
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0010|   
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0011|   S0424IC1
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0012|   
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