0001|                        SENATE BILL 659
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                           JOHN PINTO
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR INDIGENT NATIVE AMERICAN VETERANS'
    |
0014|     HOUSING ASSISTANCE IN SAN JUAN AND MCKINLEY COUNTIES; MAKING AN
    |
0015|     APPROPRIATION; DECLARING 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 eight hundred
    |
0021|     thousand dollars ($800,000) when the state housing authority of
    |
0022|     the economic development department certifies the need for the
    |
0023|     issuance of the bonds.  The state board of finance shall
    |
0024|     schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by the
    |
0001|     board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     state housing authority of the economic development department
    |
0008|     for the purpose of providing housing assistance to indigent
    |
0009|     Native American veterans in San Juan and McKinley counties.  Any
    |
0010|     unexpended or unencumbered balance remaining at the end of
    |
0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
    |
0012|     If the state housing authority of the economic development
    |
0013|     department has not certified the need for the issuance of the
    |
0014|     bonds by the end of fiscal year 1998, the authorization provided
    |
0015|     in this section shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                                    
    |
0019|   
    |
0020|                    FORTY-SECOND LEGISLATURE
    |
0021|                      SECOND SESSION, 1996
    |
0022|   
    |
0023|   
    |
0024|                                              JANUARY 31, 1996
    |
0025|   
    |
0001|   Mr. President:
    |
0002|   
    |
0003|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0004|   
    |
0005|                           SENATE BILL 659
    |
0006|   
    |
0007|   has had it under consideration and finds same to be GERMANE, 
    |
0008|   PURSUANT TO CONSTITUTIONAL PROVISIONS , and thence referred to the 
    |
0009|   INDIAN AND CULTURAL AFFAIRS COMMITTEE.
    |
0010|   
    |
0011|                              Respectfully submitted,
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|   
    |
0016|                              __________________________________
    |
0017|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0018|   
    |
0019|   
    |
0020|   
    |
0021|   Adopted_______________________ Not Adopted_______________________
    |
0022|             (Chief Clerk)                        (Chief Clerk)
    |
0023|   
    |
0024|   
    |
0025|                     Date ________________________
    |
0001|   
    |
0002|   
    |
0003|   
    |
0004|     S0659CC1
    |
0005|   
    |
0006|                      FORTY-SECOND LEGISLATURE
    |
0007|                        SECOND SESSION, 1996
    |
0008|   
    |
0009|   
    |
0010|                                                   February 2, 1996
    |
0011|   
    |
0012|   Mr. President:
    |
0013|   
    |
0014|     Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
    |
0015|   been referred
    |
0016|   
    |
0017|                           SENATE BILL 659
    |
0018|   
    |
0019|   has had it under consideration and reports same with recommendation that
    |
0020|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
    |
0021|   
    |
0022|                              Respectfully submitted,
    |
0023|   
    |
0024|   
    |
0025|   
    |
0001|                              __________________________________
    |
0002|                              John Pinto, Chairman 
    |
0003|   
    |
0004|   
    |
0005|   
    |
0006|   Adopted_______________________ Not Adopted_______________________
    |
0007|             (Chief Clerk)                          (Chief Clerk)
    |
0008|   
    |
0009|   
    |
0010|                     Date ________________________
    |
0011|   
    |
0012|   
    |
0013|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
    |
0014|   Yes:  8
    |
0015|   No:        0
    |
0016|   Excused:   None
    |
0017|   Absent:    None
    |
0018|   
    |
0019|   
    |
0020|   SO659IC1
    |
0021|   
    |
0022|   
    |