0001| SENATE BILL 886
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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 TO PURCHASE A SENIOR CITIZEN VEHICLE FOR
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0013| UPPER FRUITLAND IN SAN JUAN COUNTY; MAKING AN APPROPRIATION;
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0014| 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 twenty
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0021| thousand dollars ($20,000) when the New Mexico office of Indian
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0022| affairs certifies the need for the issuance of the bonds. The
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0023| state board of finance shall schedule the issuance and sale of
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0024| the bonds in the most expeditious and economical manner
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0025| possible upon a finding by the board that the project has been
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0001| developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the New Mexico office of Indian affairs for the
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0007| purpose of purchasing a four-wheel-drive truck for senior
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0008| citizen programs at upper Fruitland located in San Juan county.
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0009| Any unexpended or unencumbered balance remaining at the end of
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0010| fiscal year 2000 shall revert to the severance tax bonding
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0011| fund. If the New Mexico office of Indian affairs has not
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0012| certified the need for the issuance of the bonds by the end of
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0013| fiscal year 1999, the authorization provided in this section
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0014| 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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0017|
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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 4, 1997
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0025|
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0001| Mr. President:
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0002|
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0003| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0004| has been referred
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0005|
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0006| SENATE BILL 886
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS, and thence referred to the
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0010| FINANCE COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0013|
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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| John Pinto, Chairman
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0019|
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0020|
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0021|
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0022| Adopted_______________________ Not
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0023| Adopted_______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001|
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0002| Date ________________________
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0003|
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0004|
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0005| The roll call vote was 6 For 0 Against
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0006| Yes: 6
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0007| No: 0
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0008| Excused: Davis, Maes, Rawson
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0009| Absent: None
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0010|
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0011|
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0012| S0886IC1
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0013|
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