0001| SENATE BILL 993 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| GLORIA HOWES | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR THE ROANHORSE CANYON POWERLINE | 0013| EXTENSION PROJECT IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding twenty | 0021| thousand dollars ($20,000) 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 | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the New Mexico office of Indian affairs for the | 0007| purpose of acquiring rights of way, conducting an environmental | 0008| assessment and obtaining archaeological clearance for the | 0009| extension of powerlines to provide electricity for thirty | 0010| families from one- half mile west of N112 to one-half mile east | 0011| of N112 in Roanhorse located in McKinley county. Any | 0012| unexpended or unencumbered balance remaining at the end of | 0013| fiscal year 2000 shall revert to the severance tax bonding | 0014| fund. If the New Mexico office of Indian affairs has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1999, the authorization provided in this section | 0017| shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  |