0001|                        SENATE BILL 188
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                           JOHN PINTO
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR CONSTRUCTION OF CAPITAL PROJECTS IN
    |
0014|     SHEEPSPRINGS IN SAN JUAN COUNTY; MAKING AN APPROPRIATION;
    |
0015|     DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
    |
0019|            A.  The state board of finance may issue and sell
    |
0020|     severance tax bonds in compliance with the Severance Tax Bonding
    |
0021|     Act in an amount not exceeding one hundred forty-seven thousand
    |
0022|     seven hundred thirty-one dollars ($147,731) when the New Mexico
    |
0023|     office of Indian affairs certifies the need for the issuance of
    |
0024|     the bonds.  The state board of finance shall schedule the
    |
0025|     issuance and sale of the bonds in the most expeditious and
    |
0001|     economical manner possible upon a finding by the board that the
    |
0002|     project has been developed sufficiently to justify the issuance
    |
0003|     and that the project can proceed to contract within a reasonable
    |
0004|     time.  The state board of finance shall further take the
    |
0005|     appropriate steps necessary to comply with the Internal Revenue
    |
0006|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0007|     bonds are appropriated to the New Mexico office of Indian
    |
0008|     affairs in the following amounts for the following purposes:
    |
0009|                 (1)  thirty-four thousand dollars ($34,000) to
    |
0010|     complete construction of the Blue Mesa power line extension in
    |
0011|     Sheepsprings in San Juan county; and
    |
0012|                 (2)  one hundred thirteen thousand seven hundred
    |
0013|     thirty-one dollars ($113,731) to construct and equip a preschool
    |
0014|     building in Sheepsprings in San Juan county.
    |
0015|            B.  If the New Mexico office of Indian affairs has
    |
0016|     not certified the need for the issuance of the bonds by the end
    |
0017|     of fiscal year 1998, the authorization provided in this section
    |
0018|     shall be void.  Any unexpended or unencumbered balance remaining
    |
0019|     from the proceeds of severance tax bonds issued pursuant to
    |
0020|     Subsection A of this section at the end of fiscal year 1999
    |
0021|     shall revert to the severance tax bonding fund. 
    |
0022|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0023|     peace, health and safety that this act take effect immediately.
    |
0024|                              
    |
0025|             
    |
0001|   
    |
0002|                    FORTY-SECOND LEGISLATURE
    |
0003|                      SECOND SESSION, 1996
    |
0004|   
    |
0005|   
    |
0006|                                              JANUARY 24, 1996
    |
0007|   
    |
0008|   Mr. President:
    |
0009|   
    |
0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0011|   
    |
0012|                           SENATE BILL 188
    |
0013|   
    |
0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
    |
0016|   CULTURAL AFFAIRS COMMITTEE.
    |
0017|   
    |
0018|                              Respectfully submitted,
    |
0019|   
    |
0020|   
    |
0021|   
    |
0022|   
    |
0023|                              __________________________________
    |
0024|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0025|   
    |
0001|   
    |
0002|   
    |
0003|   Adopted_______________________ Not Adopted_______________________
    |
0004|             (Chief Clerk)                        (Chief Clerk)
    |
0005|   
    |
0006|   
    |
0007|                     Date ________________________
    |
0008|   
    |
0009|   
    |
0010|   
    |
0011|     S0188CC1
    |
0012|   
    |
0013|                      FORTY-SECOND LEGISLATURE
    |
0014|                        SECOND SESSION, 1996
    |
0015|   
    |
0016|   
    |
0017|                                                   January 30, 1996
    |
0018|   
    |
0019|   Mr. President:
    |
0020|   
    |
0021|     Your SENATE INDIAN & CULTURAL AFFAIRS COMMITTEE, to
    |
0022|   whom has been referred
    |
0023|   
    |
0024|                           SENATE BILL 188
    |
0025|   
    |
0001|   has had it under consideration and reports same with recommendation that
    |
0002|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
    |
0003|   
    |
0004|                              Respectfully submitted,
    |
0005|   
    |
0006|   
    |
0007|   
    |
0008|                              __________________________________
    |
0009|                              John Pinto, Chairman 
    |
0010|   
    |
0011|   
    |
0012|   
    |
0013|   Adopted_______________________ Not Adopted_______________________
    |
0014|             (Chief Clerk)                          (Chief Clerk)
    |
0015|   
    |
0016|   
    |
0017|   
    |
0018|                     Date ________________________
    |
0019|   
    |
0020|   
    |
0021|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
    |
0022|   Yes:  8
    |
0023|   No:        0
    |
0024|   Excused:   None
    |
0025|   Absent:    None
    |
0001|   
    |
0002|   
    |
0003|   SO188IC1
    |
0004|   
    |