0001| SENATE BILL 1006
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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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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 TO PROVIDE ELECTRICITY TO RESIDENTS OF THE
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0013| CRYSTAL CHAPTER OF THE NAVAJO NATION IN MCKINLEY COUNTY; MAKING
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0014| 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-
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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 one
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0021| hundred twenty-five thousand dollars ($125,000) when the New
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0022| Mexico office of Indian affairs certifies the need for the
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0023| issuance of the bonds. The state board of finance shall
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0024| schedule the issuance and sale of the bonds in the most
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0025| expeditious and economical manner possible upon a finding by
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0001| the board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the New
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0007| Mexico office of Indian affairs for the purpose of acquiring
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0008| rights of way and conducting environmental assessments and
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0009| archaeological clearances for the extension of powerlines to
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0010| twenty families south and east of the junction of N31 and N12
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0011| located in McKinley county. Any unexpended or unencumbered
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0012| balance remaining at the end of fiscal year 2000 shall revert
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0013| to the severance tax bonding fund. If the New Mexico office of
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0014| Indian affairs has not certified the need for the issuance of
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0015| the bonds by the end of fiscal year 1999, the authorization
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0016| provided in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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