0001|                           SENATE BILL 469
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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 CONTINUE CONSTRUCTION OF POWER LINES IN
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0013|     BURNHAM IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014|     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.--
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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 one million seven
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0022|     hundred ninety thousand five hundred seventy dollars
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0023|     ($1,790,570) when the New Mexico office of Indian affairs
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     New Mexico office of Indian affairs for the purpose of
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0009|     completing power line extensions in Burnham located in San Juan
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0010|     county in the following amounts:
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0011|                    (1)  five hundred twenty-eight thousand five
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0012|     hundred ten dollars ($528,510) for phase two;
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0013|                    (2)  seven hundred sixty thousand three hundred
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0014|     ninety-five dollars ($760,395) for phase three; and
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0015|                    (3)  five hundred one thousand six hundred
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0016|     sixty-five dollars ($501,665) for phase four.
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0017|               B.  Any unexpended or unencumbered balance remaining
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0018|     at the end of fiscal year 2000 shall revert to the severance
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0019|     tax bonding fund.  If the New Mexico office of Indian affairs
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0020|     has not certified the need for the issuance of the bonds by the
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0021|     end of fiscal year 1999, the authorization provided in this
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0022|     section shall be void.
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0023|          Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                    
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0001|   
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0002|                      FORTY-THIRD LEGISLATURE
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0003|                        FIRST SESSION, 1997
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0004|   
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0005|   
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0006|                                               February 11, 1997
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0007|   
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0008|   Mr. President:
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0009|   
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0010|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0011|   has been referred
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0012|   
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0013|                          SENATE BILL 469
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0014|   
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0015|   has had it under consideration and reports same with
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0016|   recommendation that it DO PASS, and thence referred to the
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0017|   FINANCE COMMITTEE.
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0018|   
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0019|                                Respectfully submitted,
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0020|   
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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|                                John Pinto, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________   Not
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0005|   Adopted_______________________
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0006|             (Chief Clerk)                          (Chief Clerk)
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0007|   
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0008|   
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0009|                     Date ________________________
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0010|   
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0011|   
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0012|   The roll call vote was <u> 9 </u> For <u> 0 </u> Against
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0013|           Yes:    9
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0014|           No:     0
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0015|                Excused:     None
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0016|           Absent: None
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0017|   
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0018|   
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0019|   S0469IC1
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0020|   
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