0001| SENATE BILL 886 | 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 TO PURCHASE A SENIOR CITIZEN VEHICLE FOR | 0013| UPPER FRUITLAND IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; | 0014| 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 twenty | 0021| thousand dollars ($20,000) 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 purchasing a four-wheel-drive truck for senior | 0008| citizen programs at upper Fruitland located in San Juan county. | 0009| Any unexpended or unencumbered balance remaining at the end of | 0010| fiscal year 2000 shall revert to the severance tax bonding | 0011| fund. If the New Mexico office of Indian affairs has not | 0012| certified the need for the issuance of the bonds by the end of | 0013| fiscal year 1999, the authorization provided in this section | 0014| shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  | 0018| | 0019| | 0020| FORTY-THIRD LEGISLATURE | 0021| FIRST SESSION, 1997 | 0022| | 0023| | 0024| March 4, 1997 | 0025| | 0001| Mr. President: | 0002| | 0003| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom | 0004| has been referred | 0005| | 0006| SENATE BILL 886 | 0007| | 0008| has had it under consideration and reports same with | 0009| recommendation that it DO PASS, and thence referred to the | 0010| FINANCE COMMITTEE. | 0011| | 0012| Respectfully submitted, | 0013| | 0014| | 0015| | 0016| | 0017| __________________________________ | 0018| John Pinto, Chairman | 0019| | 0020| | 0021| | 0022| Adopted_______________________ Not | 0023| Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| Date ________________________ | 0003| | 0004| | 0005| The roll call vote was 6 For 0 Against | 0006| Yes: 6 | 0007| No: 0 | 0008| Excused: Davis, Maes, Rawson | 0009| Absent: None | 0010| | 0011| | 0012| S0886IC1 | 0013| |