0001|                           SENATE BILL 497
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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|                             GLORIA HOWES
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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 PROJECTS AT THE PUEBLO OF ZUNI 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 three hundred thousand
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0022|     dollars ($300,000) 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
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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 in the following amounts
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0008|     for the following purposes for projects at the Pueblo of Zuni
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0009|     in McKinley county:
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0010|                    (1)  one hundred thousand dollars ($100,000) to
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0011|     construct a headstart education facility; and
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0012|                    (2)  two hundred thousand dollars ($200,000) to
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0013|     plan, design or construct an emergency medical services
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0014|     facility.
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0015|               B.  If the New Mexico office of Indian affairs has
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0016|     not certified the need for the issuance of the bonds by the end
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0017|     of fiscal year 1999, the authorization provided in this section
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0018|     shall be void.  Any unexpended or unencumbered balance
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0019|     remaining from the proceeds of severance tax bonds issued
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0020|     pursuant to Subsection A of this section at the end of fiscal
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0021|     year 2000 shall revert to the severance tax bonding fund. 
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0022|          Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                                    
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0025|   
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0001|                      FORTY-THIRD LEGISLATURE
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0002|                        FIRST SESSION, 1997
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0003|   
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0004|   
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0005|                                               February 13, 1997
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0006|   
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0007|   Mr. President:
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0008|   
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0009|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0010|   has been referred
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0011|   
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0012|                          SENATE BILL 497
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0013|   
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0014|   has had it under consideration and reports same with
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0015|   recommendation that it DO PASS, and thence referred to the
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0016|   FINANCE COMMITTEE.
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0017|   
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0018|                                Respectfully submitted,
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0019|   
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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|                                John Pinto, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________   Not
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0004|   Adopted_______________________
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0005|             (Chief Clerk)                          (Chief Clerk)
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0006|   
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0007|   
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0008|                     Date ________________________
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0009|   
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0010|   
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0011|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0012|           Yes:    6
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0013|           No:     0
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0014|                Excused:     Carraro, Kysar, Rawson
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0015|           Absent: None
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0016|   
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0017|   
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0018|   S0497IC1
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0019|   
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