0001|                         HOUSE BILL 59
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        NICK L. SALAZAR
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0006|     
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0007|                                
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0008|     
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0009|                 FOR THE INDIAN AFFAIRS COMMITTEE
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0010|                                  
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR PRECONSTRUCTION OR CONSTRUCTION OF A
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0014|     POST-SECONDARY INDUSTRIAL SCIENCE AND ENVIRONMENTAL TECHNOLOGY
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0015|     COMPLEX IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING
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0016|     AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding one million eight
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0022|     hundred thousand dollars ($1,800,000) when the New Mexico office
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0023|     of Indian affairs certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project has
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0002|     been developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the New Mexico office of Indian affairs for the
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0008|     purpose of preconstruction or construction of a post-secondary
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0009|     industrial science and environmental technology complex at the
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0010|     southwestern Indian polytechnic institute located in Bernalillo
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0011|     county.  Any unexpended or unencumbered balance remaining six
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0012|     months after completion of the project shall revert to the
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0013|     severance tax bonding fund.  If the New Mexico office of Indian
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0014|     affairs has not certified the need for the issuance of the bonds
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0015|     by the end of fiscal year 1999, the authorization provided in
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0016|     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|                            - 2 -
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