0001| HOUSE BILL 653
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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| EDDIE CORLEY
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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|
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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 THE CHURCHROCK POWER LINE EXTENSION
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0014| PROJECT IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING
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0015| 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding one hundred twenty-five thousand dollars ($125,000) when the New Mexico office of
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0021| Indian affairs certifies the need for the issuance of the bonds.
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0022| The state board of finance shall schedule the issuance and sale
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0023| of the bonds in the most expeditious and economical manner
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0024| possible upon a finding by the board that the project has been
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0025| developed sufficiently to justify the issuance and that the
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0001| project can proceed to contract within a reasonable time. The
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0002| state board of finance shall further take the appropriate steps
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0003| necessary to comply with the Internal Revenue Code of 1986, as
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0004| amended. The proceeds from the sale of the bonds are
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0005| appropriated to the New Mexico office of Indian affairs for the
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0006| Churchrock power line extension project to provide electricity
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0007| to ninety homes west of Red Rock state park near the Sundance
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0008| coal mine area in McKinley county. Any unexpended or
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0009| unencumbered balance remaining at the end of fiscal year 1999
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0010| shall revert to the severance tax bonding fund. If the New
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0011| Mexico office of Indian affairs has not certified the need for
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0012| the issuance of the bonds by the end of fiscal year 1998, the
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0013| authorization provided in this section shall be void.
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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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