0001| SENATE BILL 498 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| GLORIA HOWES | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR RED LAKE CAPITAL OUTLAY PROJECTS | 0013| LOCATED IN MCKINLEY COUNTY; MAKING APPROPRIATIONS; DECLARING AN | 0014| EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 and 3 of this | 0023| act. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. Proceeds from the sale of the bonds | 0006| are appropriated for the purposes specified in Sections 2 and 3 | 0007| of this act. | 0008| B. The agencies named in Sections 2 and 3 of this | 0009| act shall certify to the state board of finance when the money | 0010| from the proceeds of the severance tax bonds authorized in this | 0011| section is needed for the purposes specified in the applicable | 0012| section of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1999, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| of severance tax bonds issued pursuant to Sections 2 and 3 of | 0019| this act at the end of fiscal year 2000 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0022| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the | 0023| provisions of Section 1 of this act, upon certification by the | 0024| state highway and transportation department that the need | 0025| exists for the issuance of the bonds, the following amounts are | 0001| appropriated to the state highway and transportation department | 0002| for the following purposes: | 0003| A. one hundred thousand dollars ($100,000) to | 0004| complete an unfinished gravel road and chip seal Navajo route | 0005| N112 from the New Mexico state line to the Red Lake chapter | 0006| house located in McKinley county; and | 0007| B. eight thousand dollars ($8,000) to purchase | 0008| right-of-way clearance for the construction of power lines near | 0009| Red Lake located in McKinley county. | 0010| Section 3. SEVERANCE TAX BONDS--NEW MEXICO OFFICE OF | 0011| INDIAN AFFAIRS--PURPOSES.--Pursuant to the provisions of | 0012| Section 1 of this act, upon certification by the New Mexico | 0013| office of Indian affairs that the need exists for the issuance | 0014| of the bonds, one hundred fifty thousand dollars ($150,000) is | 0015| appropriated to the New Mexico office of Indian affairs to | 0016| purchase, install, equip and furnish a modular office building | 0017| and to design, construct, install and equip renovation to the | 0018| Red Lake headstart center located in McKinley county. | 0019| Section 4. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  | 0022| | 0023| | 0024| FORTY-THIRD LEGISLATURE | 0025| FIRST SESSION, 1997 | 0001| | 0002| | 0003| February 13, 1997 | 0004| | 0005| Mr. President: | 0006| | 0007| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom | 0008| has been referred | 0009| | 0010| SENATE BILL 498 | 0011| | 0012| has had it under consideration and reports same with | 0013| recommendation that it DO PASS, and thence referred to the | 0014| FINANCE COMMITTEE. | 0015| | 0016| Respectfully submitted, | 0017| | 0018| | 0019| | 0020| | 0021| __________________________________ | 0022| John Pinto, Chairman | 0023| | 0024| | 0025| | 0001| Adopted_______________________ Not | 0002| Adopted_______________________ | 0003| (Chief Clerk) (Chief Clerk) | 0004| | 0005| | 0006| Date ________________________ | 0007| | 0008| | 0009| The roll call vote was 7 For 0 Against | 0010| Yes: 7 | 0011| No: 0 | 0012| Excused: Carraro, Rawson | 0013| Absent: None | 0014| | 0015| | 0016| S0498IC1 | 0017| |