0001| SENATE BILL 227 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ELIZABETH T. STEFANICS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO BUILD AN ADULT EDUCATION CLASSROOM AT | 0014| POJOAQUE IN SANTA FE COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding one hundred sixty-six | 0021| thousand dollars ($166,000) 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 possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary to | 0004| comply with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the New | 0006| Mexico office of Indian affairs for the purpose of planning, | 0007| designing, constructing, equipping and furnishing an adult | 0008| education classroom at Pojoaque located in Santa Fe county. Any | 0009| unexpended or unencumbered balance remaining at the end of | 0010| fiscal year 1999 shall revert to the severance tax bonding fund. | 0011| If the New Mexico office of Indian affairs has not certified the | 0012| need for the issuance of the bonds by the end of fiscal year | 0013| 1998, 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-SECOND LEGISLATURE | 0019| SECOND SESSION, 1996 | 0020| | 0021| | 0022| JANUARY 24, 1996 | 0023| | 0024| Mr. President: | 0025| | 0001| Your COMMITTEES' COMMITTEE, to whom has been referred | 0002| | 0003| SENATE BILL 227 | 0004| | 0005| has had it under consideration and finds same to be GERMANE, PURSUANT | 0006| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0007| COMMITTEE. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| __________________________________ | 0015| SENATOR MANNY M. ARAGON, Chairman | 0016| | 0017| | 0018| | 0019| Adopted_______________________ Not Adopted_______________________ | 0020| (Chief Clerk) (Chief Clerk) | 0021| | 0022| | 0023| Date ________________________ | 0024| | 0025| | 0001| | 0002| S0227CC1 |