0001|                           SENATE BILL 693
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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 FOR THE NAVAJO VETERANS HOUSING ASSISTANCE
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0013|     PROGRAM IN MCKINLEY AND SAN JUAN COUNTIES; 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 eight
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0021|     hundred thousand dollars ($800,000) when the New Mexico office
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0022|     of 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 purchasing building materials,
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0008|     constructing new homes and renovating existing homes for Navajo
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0009|     veterans located in San Juan and McKinley counties.  Any
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0010|     unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 2000 shall revert to the severance tax bonding
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0012|     fund.  If the New Mexico office of Indian affairs has not
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0013|     certified the need for the issuance of the bonds by the end of
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0014|     fiscal year 1999, the authorization provided in this section
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0015|     shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     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|   
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0021|                      FORTY-THIRD LEGISLATURE
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                               February 18, 1997
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0001|   
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0002|   Mr. President:
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0003|   
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0004|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0005|   has been referred
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0006|   
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0007|                          SENATE BILL 693
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0008|   
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0009|   has had it under consideration and reports same with
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0010|   recommendation that it DO PASS, and thence referred to the
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0011|   FINANCE COMMITTEE.
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0012|   
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0013|                                Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|                                
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0018|   __________________________________
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0019|                                John Pinto, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________   Not
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0024|   Adopted_______________________
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0025|             (Chief Clerk)                          (Chief Clerk)
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
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0007|           Yes:    5
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0008|           No:     0
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0009|                Excused:     Carraro, Davis, Kysar, Rawson
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0010|           Absent: None
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0011|   
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0012|   
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0013|   S0693IC1
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0014|   
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