0001|                           SENATE BILL 760
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                              JOHN PINTO
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR A HEAD START BUILDING FOR THE COYOTE
    |
0013|     CANYON CHAPTER AREA IN MCKINLEY COUNTY; MAKING AN
    |
0014|     APPROPRIATION; DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding fifty
    |
0021|     thousand dollars ($50,000) when the New Mexico office of Indian
    |
0022|     affairs certifies the need for the issuance of the bonds.  The
    |
0023|     state board of finance shall schedule the issuance and sale of
    |
0024|     the bonds in the most expeditious and economical manner
    |
0025|     possible upon a finding by the board that the project has been
    |
0001|     developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the New Mexico office of Indian affairs for the
    |
0007|     purpose of planning for a head start building for the Coyote
    |
0008|     Canyon chapter area located in McKinley county.  Any unexpended
    |
0009|     or unencumbered balance remaining at the end of fiscal year
    |
0010|     2000 shall revert to the severance tax bonding fund.  If the
    |
0011|     New Mexico office of Indian affairs has not certified the need
    |
0012|     for the issuance of the bonds by the end of fiscal year 1999,
    |
0013|     the authorization provided in this section shall be void.
    |
0014|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0015|     peace, health and safety that this act take effect immediately.
    |
0016|                                    
    |
0017|   
    |
0018|                      FORTY-THIRD LEGISLATURE
    |
0019|                        FIRST SESSION, 1997
    |
0020|   
    |
0021|   
    |
0022|                                               February 25, 1997
    |
0023|   
    |
0024|   Mr. President:
    |
0025|   
    |
0001|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
    |
0002|   has been referred
    |
0003|   
    |
0004|                          SENATE BILL 760
    |
0005|   
    |
0006|   has had it under consideration and reports same with
    |
0007|   recommendation that it DO PASS, and thence referred to the
    |
0008|   FINANCE COMMITTEE.
    |
0009|   
    |
0010|                                Respectfully submitted,
    |
0011|   
    |
0012|   
    |
0013|   
    |
0014|                                
    |
0015|   __________________________________
    |
0016|                                John Pinto, Chairman 
    |
0017|   
    |
0018|   
    |
0019|   
    |
0020|   Adopted_______________________   Not
    |
0021|   Adopted_______________________
    |
0022|             (Chief Clerk)                          (Chief Clerk)
    |
0023|   
    |
0024|   
    |
0025|                     Date ________________________
    |
0001|   
    |
0002|   
    |
0003|   The roll call vote was <u> 4 </u> For <u> 2 </u> Against
    |
0004|           Yes:    4
    |
0005|           No:     Davis, Rawson
    |
0006|                Excused:     Carraro, Cisneros, Maes
    |
0007|           Absent: None
    |
0008|   
    |
0009|   
    |
0010|   S0760IC1
    |
0011|   
    |