0001|                           SENATE BILL 425
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                              JOHN PINTO
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO PURCHASE CERTAIN EQUIPMENT AND MACHINERY
    |
0013|     FOR SANOSTEE IN SAN JUAN 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 one
    |
0021|     million five hundred seven thousand dollars ($1,507,000) when
    |
0022|     the New Mexico office of Indian affairs certifies the need for
    |
0023|     the issuance of the bonds.  The state board of finance shall
    |
0024|     schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by
    |
0001|     the board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the New
    |
0007|     Mexico office of Indian affairs for the purpose of purchasing
    |
0008|     an adobe-brick-making machine and a road grader for Sanostee
    |
0009|     located in San Juan county.  Any unexpended or unencumbered
    |
0010|     balance remaining at the end of fiscal year 2000 shall revert
    |
0011|     to the severance tax bonding fund.  If the New Mexico office of
    |
0012|     Indian affairs has not certified the need for the issuance of
    |
0013|     the bonds by the end of fiscal year 1999, the authorization
    |
0014|     provided in this section shall be void.
    |
0015|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0016|     peace, health and safety that this act take effect immediately.
    |
0017|                                - 2 -  
    |
0018|   
    |
0019|                      FORTY-THIRD LEGISLATURE
    |
0020|                        FIRST SESSION, 1997
    |
0021|   
    |
0022|   
    |
0023|                                               February 11, 1997
    |
0024|   
    |
0025|   Mr. President:
    |
0001|   
    |
0002|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
    |
0003|   has been referred
    |
0004|   
    |
0005|                          SENATE BILL 425
    |
0006|   
    |
0007|   has had it under consideration and reports same with
    |
0008|   recommendation that it DO PASS, and thence referred to the
    |
0009|   FINANCE COMMITTEE.
    |
0010|   
    |
0011|                                Respectfully submitted,
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|                                
    |
0016|   __________________________________
    |
0017|                                John Pinto, Chairman 
    |
0018|   
    |
0019|   
    |
0020|   
    |
0021|   Adopted_______________________   Not
    |
0022|   Adopted_______________________
    |
0023|             (Chief Clerk)                          (Chief Clerk)
    |
0024|   
    |
0025|   
    |
0001|                     Date ________________________
    |
0002|   
    |
0003|   
    |
0004|   The roll call vote was <u> 9 </u> For <u> 0 </u> Against
    |
0005|           Yes:    9
    |
0006|           No:     0
    |
0007|                Excused:     None
    |
0008|           Absent: None
    |
0009|   
    |
0010|   
    |
0011|   S0425IC1
    |
0012|   
    |