0001|                            SENATE BILL 883
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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|                              JOHN PINTO
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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 CHUSKA RESERVOIR DAM IMPROVEMENT
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0013|     PROJECTS IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014|     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--PURPOSES FOR WHICH
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding two hundred twenty-five
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0022|     thousand dollars ($225,000) when the New Mexico office of
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0023|     Indian affairs certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the New Mexico office of Indian
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0008|     affairs in the following amounts for the following purposes:
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0009|                    (1)  one hundred fifty thousand dollars
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0010|     ($150,000) to design, construct, purchase or equip irrigation
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0011|     pipelines from the Chuska reservoir dam to Red Willow farm in
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0012|     McKinley county; and
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0013|                    (2)  seventy-five thousand dollars ($75,000) to
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0014|     replace or repair an irrigation water gate at the Chuska
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0015|     reservoir dam in McKinley county. 
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0016|               B.  If the New Mexico office of Indian affairs has
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0017|     not certified the need for the issuance of the bonds by the end
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0018|     of fiscal year 1999, the authorization provided in this section
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0019|     shall be void.  Any unexpended or unencumbered balance
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0020|     remaining from the proceeds of severance tax bonds issued
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0021|     pursuant to Subsection A of this section at the end of fiscal
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0022|     year 2000 shall revert to the severance tax bonding fund. 
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0023|          Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                    
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0001|   
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0002|                      FORTY-THIRD LEGISLATURE
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0003|                        FIRST SESSION, 1997
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0004|   
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0005|   
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0006|                                                   March 4, 1997
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0007|   
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0008|   Mr. President:
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0009|   
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0010|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0011|   has been referred
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0012|   
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0013|                          SENATE BILL 883
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0014|   
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0015|   has had it under consideration and reports same with
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0016|   recommendation that it DO PASS, and thence referred to the
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0017|   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|   __________________________________
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0025|                                John Pinto, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________   Not
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0005|   Adopted_______________________
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0006|             (Chief Clerk)                          (Chief Clerk)
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0007|   
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0008|   
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0009|                     Date ________________________
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0010|   
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0011|   
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0012|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0013|           Yes:    6
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0014|           No:     0
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0015|                Excused:     Davis, Maes, Rawson
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0016|           Absent: None
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0017|   
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0018|   
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0019|   S0883IC1
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0020|   
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