0001| SENATE BILL 592
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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| LEONARD TSOSIE
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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 COMPLETE, EQUIP AND FURNISH THE SANTO
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0013| DOMINGO VETERANS CENTER IN SANDOVAL 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 forty-
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0021| seven thousand dollars ($47,000) when the New Mexico office of
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0022| Indian affairs certifies the need for the issuance of the
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0023| bonds. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project
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0001| has been developed sufficiently to justify the issuance and
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0002| that the project can proceed to contract within a reasonable
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0003| time. The state board of finance shall further take the
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0004| appropriate steps necessary to comply with the Internal Revenue
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0005| Code of 1986, as amended. The proceeds from the sale of the
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0006| bonds are appropriated to the New Mexico office of Indian
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0007| affairs for the purpose of completing, equipping and furnishing
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0008| the veterans center at the pueblo of Santo Domingo located in
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0009| Sandoval county. Any unexpended or unencumbered balance
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0010| remaining at the end of fiscal year 2000 shall revert to the
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0011| severance tax bonding fund. If the New Mexico office of Indian
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0012| affairs has not certified the need for the issuance of the
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0013| 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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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| March 19, 1997
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0025|
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0001| Mr. President:
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0002|
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0003| Your FINANCE COMMITTEE, to whom has been referred
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0004|
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0005| HOUSE BILL 592, as amended
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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.
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0009|
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0010| Respectfully submitted,
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0013|
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0014|
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0015| __________________________________
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0016| Ben D. Altamirano, Chairman
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0018|
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0019|
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0020| Adopted_______________________ Not
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0021| Adopted_______________________
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0022| (Chief Clerk) (Chief Clerk)
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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 6 For 0 Against
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0005| Yes: 6
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0006| No: None
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0007| Excused: Aragon, Carraro, Ingle, McKibben, Smith
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0008| Absent: None
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0009|
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0010|
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0011| H0592FC1
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