0001| SENATE BILL 788
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| JOHN PINTO
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS FOR THE SANOSTEE POWER LINE EXTENSION IN SAN
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0014| JUAN COUNTY; MAKING AN APPROPRIATION; 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0018| and sell severance tax bonds in compliance with the Severance
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0019| Tax Bonding Act in an amount not exceeding one hundred fifty
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0020| thousand dollars ($150,000) when the New Mexico office of Indian
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0021| affairs certifies the need for the issuance of the bonds. The
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0022| state board of finance shall schedule the issuance and sale of
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0023| the bonds in the most expeditious and economical manner possible
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0024| upon a finding by the board that the project has been developed
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0025| sufficiently to justify the issuance and that the project can
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0001| proceed to contract within a reasonable time. The state board
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0002| of finance shall further take the appropriate steps necessary to
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0003| comply with the Internal Revenue Code of 1986, as amended. The
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0004| proceeds from the sale of the bonds are appropriated to the New
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0005| Mexico office of Indian affairs for the purpose of constructing,
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0006| renovating and installing the Sanostee power line extension
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0007| located in San Juan county. Any unexpended or unencumbered
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0008| balance remaining at the end of fiscal year 1999 shall revert to
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0009| the severance tax bonding fund. If the New Mexico office of
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0010| Indian affairs has not certified the need for the issuance of
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0011| the bonds by the end of fiscal year 1998, the authorization
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0012| provided in this section shall be void.
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0013| Section 2. EMERGENCY.--It is necessary for the public
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0014| peace, health and safety that this act take effect immediately.
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0015|
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0016|
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0017| FORTY-SECOND LEGISLATURE
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0018| SECOND SESSION, 1996
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0019|
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0020|
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0021| JANUARY 31, 1996
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0022|
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0023| Mr. President:
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0024|
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0025| Your COMMITTEES' COMMITTEE, to whom has been referred
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0001|
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0002| SENATE BILL 788
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0003|
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0004| has had it under consideration and finds same to be GERMANE, PURSUANT
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0005| TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
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0006| CULTURAL AFFAIRS COMMITTEE.
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0007|
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0008| Respectfully submitted,
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0009|
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0010|
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0011|
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0012|
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0013| __________________________________
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0014| SENATOR MANNY M. ARAGON, Chairman
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0015|
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0016|
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0017|
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0018| Adopted_______________________ Not Adopted_______________________
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021|
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0022| Date ________________________
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0023|
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0024|
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0025|
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0001| S0788CC1
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0002|
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0003| FORTY-SECOND LEGISLATURE
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0004| SECOND SESSION, 1996
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0005|
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0006|
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0007| February 4, 1996
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0008|
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0009| Mr. President:
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0010|
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0011| Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0012| been referred
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0013|
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0014| SENATE BILL 788
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0015|
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0016| has had it under consideration and reports same with recommendation that
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0017| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| John Pinto, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007| Date ________________________
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0008|
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0009|
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0010| The roll call vote was 7 For 0 Against
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0011| Yes: 7
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0012| No: 0
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0013| Excused: Maes
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0014| Absent: None
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0015|
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0016|
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0017| S0788IC1
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0018|
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0019|
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