0001|                           SENATE BILL 778
    |
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 FOR IMPROVEMENTS FOR HEAD START PROGRAMS IN
    |
0013|     MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     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|     hundred twenty-nine thousand five hundred seventy-six dollars
    |
0022|     ($129,576) when the New Mexico office of Indian affairs
    |
0023|     certifies the need for the issuance of the bonds.  The state
    |
0024|     board of finance shall schedule the issuance and sale of the
    |
0025|     bonds in the most expeditious and economical manner possible
    |
0001|     upon a finding by the board that the project has been developed
    |
0002|     sufficiently to justify the issuance and that the project can
    |
0003|     proceed to contract within a reasonable time.  The state board
    |
0004|     of finance shall further take the appropriate steps necessary
    |
0005|     to comply with the Internal Revenue Code of 1986, as amended. 
    |
0006|     The proceeds from the sale of the bonds are appropriated to the
    |
0007|     New Mexico office of Indian affairs for the purpose of
    |
0008|     acquiring classrooms and making kitchen, playground equipment
    |
0009|     and fencing improvements for head start programs at the Coal
    |
0010|     Mine, Navajo, Rock Springs and Tsayatoh chapters located in
    |
0011|     McKinley county.  Any unexpended or unencumbered balance
    |
0012|     remaining at the end of fiscal year 2000 shall revert to the
    |
0013|     severance tax bonding fund.  If the New Mexico office of Indian
    |
0014|     affairs has not certified the need for the issuance of the
    |
0015|     bonds by the end of fiscal year 1999, the authorization
    |
0016|     provided in this section shall be void.
    |
0017|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0018|     peace, health and safety that this act take effect immediately.
    |
0019|                                    
    |
0020|   
    |
0021|                      FORTY-THIRD LEGISLATURE
    |
0022|                        FIRST SESSION, 1997
    |
0023|   
    |
0024|   
    |
0025|                                               February 27, 1997
    |
0001|   
    |
0002|   Mr. President:
    |
0003|   
    |
0004|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
    |
0005|   has been referred
    |
0006|   
    |
0007|                          SENATE BILL 778
    |
0008|   
    |
0009|   has had it under consideration and reports same with
    |
0010|   recommendation that it DO PASS, and thence referred to the
    |
0011|   FINANCE COMMITTEE.
    |
0012|   
    |
0013|                                Respectfully submitted,
    |
0014|   
    |
0015|   
    |
0016|   
    |
0017|                                
    |
0018|   __________________________________
    |
0019|                                John Pinto, Chairman 
    |
0020|   
    |
0021|   
    |
0022|   
    |
0023|   Adopted_______________________   Not
    |
0024|   Adopted_______________________
    |
0025|             (Chief Clerk)                          (Chief Clerk)
    |
0001|   
    |
0002|   
    |
0003|                     Date ________________________
    |
0004|   
    |
0005|   
    |
0006|   The roll call vote was <u> 7 </u> For <u> 1 </u> Against
    |
0007|           Yes:    7
    |
0008|           No:     Davis
    |
0009|                Excused:     Rawson
    |
0010|           Absent: None
    |
0011|   
    |
0012|   
    |
0013|   S0778IC1
    |
0014|   
    |