0001| HOUSE BILL 651
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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| SANDRA L. TOWNSEND
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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 CAPITAL PROJECTS ON THE JICARILLA
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0013| APACHE RESERVATION IN RIO ARRIBA COUNTY; MAKING AN
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0014| APPROPRIATION; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH
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0018| ISSUED-APPROPRIATION OF PROCEEDS.--
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0019| A. The state board of finance may issue and sell
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0020| severance tax bonds in compliance with the Severance Tax
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0021| Bonding Act in an amount not exceeding the amount specified in
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0022| this section 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
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0005| to comply with the Internal Revenue Code of 1986, as amended.
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0006| The proceeds from the sale of the bonds are appropriated to the
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0007| New Mexico office of Indian affairs in the following amounts
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0008| for the following purposes on the Jicarilla Apache reservation
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0009| in Rio Arriba county:
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0010| (1) ninety thousand dollars ($90,000) to pave
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0011| the Jicarilla Apache department of education library parking
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0012| lot;
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0013| (2) ten thousand dollars ($10,000) for three
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0014| complete computer work stations at the Jicarilla Apache
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0015| department of education library; and
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0016| (3) eighty-five thousand dollars ($85,000) to
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0017| construct, equip and furnish an addition to the Jicarilla
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0018| Apache mental health and social service department office.
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0019| B. If the New Mexico office of Indian affairs has
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0020| not certified the need for the issuance of the bonds by the end
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0021| of fiscal year 1999, the authorization provided in this section
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0022| shall be void. Any unexpended or unencumbered balance
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0023| remaining from the proceeds of severance tax bonds issued
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0024| pursuant to Subsection A of this section at the end of fiscal
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0025| year 2000 shall revert to the severance tax bonding fund.
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0001| Section 2. EMERGENCY.--It is necessary for the public
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0002| peace, health and safety that this act take effect immediately.
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0003|
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