0001|                           SENATE BILL 878
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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 FOR HEAD START SCHOOLS IN SAN JUAN COUNTY;
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0013|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH 
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0017|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax

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0020|     Bonding Act in an amount not exceeding three hundred sixty-
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0021|     eight thousand dollars ($368,000) when the New Mexico office of
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0022|     Indian affairs certifies the need for the issuance of the
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0023|     bonds.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the New Mexico office of Indian
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0007|     affairs in the following amounts for the following purposes:

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0008|                    (1)  forty-six thousand dollars ($46,000) to
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0009|     purchase and install fencing at the Beclabito chapter head
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0010|     start school in San Juan county;
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0011|                    (2)  forty-six thousand dollars ($46,000) to
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0012|     purchase and install fencing at the Sheep Springs chapter head
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0013|     start school in San Juan county; 
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0014|                    (3)  forty-six thousand dollars ($46,000) to
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0015|     purchase and install fencing at the Naschitti chapter head
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0016|     start school in San Juan county;
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0017|                    (4)  forty-six thousand dollars ($46,000) to
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0018|     purchase and install fencing at the Two Grey Hills chapter head
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0019|     start school in San Juan county;
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0020|                    (5)  forty-six thousand dollars ($46,000) to
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0021|     purchase and install fencing at the Nenahnezad chapter head
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0022|     start school in San Juan county;
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0023|                    (6)  forty-six thousand dollars ($46,000) to
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0024|     purchase and install fencing at the Shiprock chapter head start
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0025|     school in San Juan county;
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0001|                    (7)  forty-six thousand dollars ($46,000) to
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0002|     purchase and install fencing at the Hogback chapter head start
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0003|     school in San Juan county; and
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0004|                    (8)  forty-six thousand dollars ($46,000) to
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0005|     purchase and install fencing at the Red Valley chapter head
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0006|     start school in San Juan county.
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0007|               B.  If the New Mexico office of Indian affairs has
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0008|     not certified the need for the issuance of the bonds by the end
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0009|     of fiscal year 1999, the authorization provided in this section
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0010|     shall be void.  Any unexpended or unencumbered balance
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0011|     remaining from the proceeds of severance tax bonds issued
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0012|     pursuant to Subsection A of this section at the end of fiscal
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0013|     year 2000 shall revert to the severance tax bonding fund. 
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0014|          Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                    
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0017|   
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0018|                      FORTY-THIRD LEGISLATURE
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0019|                        FIRST SESSION, 1997
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0020|   
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0021|   
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0022|                                               February 27, 1997
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0023|   
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0024|   Mr. President:
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0025|   
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0001|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0002|   has been referred
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0003|   
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0004|                          SENATE BILL 878
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0005|   
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0006|   has had it under consideration and reports same with
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0007|   recommendation that it DO PASS, and thence referred to the

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0008|   FINANCE COMMITTEE.
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0009|   
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0010|                                Respectfully submitted,
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0011|   
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0012|   
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0013|   
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0014|                                
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0015|   __________________________________
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0016|                                John Pinto, Chairman 
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0017|   
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0018|   
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0019|   
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0020|   Adopted_______________________   Not
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0021|   Adopted_______________________
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0022|             (Chief Clerk)                          (Chief Clerk)
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0023|   
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0024|   
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0025|                     Date ________________________
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0001|   
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0002|   
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0003|   The roll call vote was <u> 8 </u> For <u> 1 </u> Against
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0004|           Yes:    8
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0005|           No:     Davis
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0006|                Excused:     None
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0007|           Absent: None
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0008|   
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0009|   
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0010|   S0878IC1
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0011|   
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