0001| SENATE BILL 993
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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| GLORIA HOWES
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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 THE ROANHORSE CANYON POWERLINE
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0013| EXTENSION PROJECT IN MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0014| 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-
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0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding twenty
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0021| thousand dollars ($20,000) when the New Mexico office of Indian
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0022| affairs certifies the need for the issuance of the bonds. The
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0023| state board of finance shall schedule the issuance and sale of
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0024| the bonds in the most expeditious and economical manner
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0025| possible upon a finding by the board that the project has been
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0001| developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the New Mexico office of Indian affairs for the
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0007| purpose of acquiring rights of way, conducting an environmental
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0008| assessment and obtaining archaeological clearance for the
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0009| extension of powerlines to provide electricity for thirty
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0010| families from one- half mile west of N112 to one-half mile east
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0011| of N112 in Roanhorse located in McKinley county. Any
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0012| unexpended or unencumbered balance remaining at the end of
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0013| fiscal year 2000 shall revert to the severance tax bonding
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0014| fund. If the New Mexico office of Indian affairs has not
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0015| certified the need for the issuance of the bonds by the end of
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0016| fiscal year 1999, the authorization provided in this section
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0017| shall be void.
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0018| Section 2. EMERGENCY.--It is necessary for the public
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0019| peace, health and safety that this act take effect immediately.
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0020|
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