0001|                           SENATE BILL 694
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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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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 TO PLAN, DESIGN, CONSTRUCT, EQUIP AND
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0013|     FURNISH A NEW DAY CARE CENTER AND PRE-SCHOOL EDUCATION CENTER
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0014|     IN LITTLEWATER IN SAN JUAN COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding one
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0022|     million eight hundred thousand dollars ($1,800,000) when the
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0023|     New Mexico office of Indian affairs certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the New
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0008|     Mexico office of Indian affairs for the purpose of planning,
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0009|     designing, constructing, equipping and furnishing a new day
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0010|     care center and pre-school education center in Littlewater,
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0011|     Sanostee Chapter located in San Juan county.   Any unexpended
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0012|     or unencumbered balance remaining at the end of fiscal year
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0013|     2000 shall revert to the severance tax bonding fund.  If the
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0014|     New Mexico office of Indian affairs has not certified the need
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0015|     for the issuance of the bonds by the end of fiscal year 1999,
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0016|     the authorization 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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0019|                                  
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0020|       
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0021|   
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0022|                      FORTY-THIRD LEGISLATURE
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0023|                        FIRST SESSION, 1997
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0024|   
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0025|   
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0001|                                               February 18, 1997
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0002|   
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0003|   Mr. President:
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0004|   
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0005|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0006|   has been referred
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0007|   
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0008|                          SENATE BILL 694
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0009|   
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0010|   has had it under consideration and reports same with
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0011|   recommendation that it DO PASS, and thence referred to the
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0012|   FINANCE COMMITTEE.
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0013|   
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0014|                                Respectfully submitted,
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0015|   
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0016|   
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0017|   
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0018|                                
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0019|   __________________________________
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0020|                                John Pinto, Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________   Not
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0025|   Adopted_______________________
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0001|             (Chief Clerk)                          (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
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0008|           Yes:    5
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0009|           No:     0
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0010|                Excused:     Carraro, Davis, Kysar, Rawson
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0011|           Absent: None
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0012|   
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0013|   
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0014|   S0694IC1
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0015|   
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