0001|                         HOUSE BILL 725
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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 TO PURCHASE AND INSTALL A BUILDING FOR USE
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0014|     AS A TRAINING FACILITY FOR RANCHERS IN OR NEAR RAMAH CHAPTER
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0015|     LOCATED IN SAN JUAN 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 forty-five thousand
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0022|     dollars ($45,000) when the New Mexico office of Indian affairs
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the New
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0007|     Mexico office of Indian affairs for the purpose of purchasing
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0008|     and installing a modular steel building on Nicoll ranch for use
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0009|     as a sheep and cattle ranching training facility for local
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0010|     ranchers and their families near Ramah chapter located in San
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0011|     Juan county.  Any unexpended or unencumbered balance remaining
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0012|     at the end of fiscal year 1999 shall revert to the severance tax
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0013|     bonding fund.  If the New Mexico office of Indian affairs has
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0014|     not certified the need for the issuance of the bonds by the end
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0015|     of fiscal year 1998, the authorization provided in this section
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0016|     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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