0001| SENATE BILL 949
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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| GLORIA HOWES
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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 HEAD START CENTERS IN MCKINLEY COUNTY;
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0013| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0018| issue and sell severance tax bonds in compliance with the
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0019| Severance Tax Bonding Act in an amount not exceeding four
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0020| hundred fifty-seven thousand three hundred twenty dollars
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0021| ($457,320) when the New Mexico office of Indian affairs
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0022| certifies the need for the issuance of the bonds. The state
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0023| board of finance shall schedule the issuance and sale of the
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0024| bonds in the most expeditious and economical manner possible
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0025| upon a finding by the board that the project has been developed
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0001| sufficiently to justify the issuance and that the project can
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0002| proceed to contract within a reasonable time. The state board
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0003| of finance shall further take the appropriate steps necessary
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0004| to comply with the Internal Revenue Code of 1986, as amended.
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0005| The proceeds from the sale of the bonds are appropriated to the
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0006| New Mexico office of Indian affairs for the purpose of
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0007| planning, designing or constructing new head start centers at
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0008| Red Lake chapter and Coal Mine located in McKinley county. Any
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0009| 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| FORTY-THIRD LEGISLATURE
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0020| FIRST SESSION, 1997
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0021|
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0022|
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0023| March 4, 1997
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0024|
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0025| Mr. President:
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0001|
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0002| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0003| has been referred
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0004|
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0005| SENATE BILL 949
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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, and thence referred to the
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0009| FINANCE COMMITTEE.
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0010|
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0011| Respectfully submitted,
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0012|
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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| John Pinto, Chairman
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0018|
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0019|
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0020|
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0021| Adopted_______________________ Not
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0022| Adopted_______________________
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0023| (Chief Clerk) (Chief Clerk)
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0024|
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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: 0
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0007| Excused: Davis, Maes, Rawson
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0008| Absent: None
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0009|
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0010|
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0011| S0949IC1
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0012|
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