45th legislature - STATE OF NEW MEXICO - second session, 2002

MAKING AN APPROPRIATION FROM THE GENERAL FUND OPERATING RESERVE TO LOAN MONEY TO THE DEPARTMENT OF THE INTERIOR TO PAY OIL AND GAS ROYALTIES TO NAVAJO NATION AND JICARILLA APACHE NATION RESIDENTS FROM WHOM THE FEDERAL GOVERNMENT IS WITHHOLDING ROYALTY CHECKS UNTIL ITS COMPUTER SYSTEM IS FUNCTIONAL; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. APPROPRIATION.--One hundred million dollars ($100,000,000) is appropriated from the general fund operating reserve to the New Mexico office of Indian affairs for expenditure in fiscal years 2002 and 2003 as a loan to the department of the interior. The New Mexico office of Indian affairs shall work with the office of the federal trustee of the bureau of Indian affairs of the department of the interior to pay oil and gas royalty checks that have been withheld from Navajo Nation and Jicarilla Apache Nation residents due to failure of the security system of the computer of the bureau of Indian affairs of the department of the interior. The loan shall be made at the current market rate of interest as stated in The Wall Street Journal on the date or in the week the loan is made and shall be paid back within six months from the date of the loan. Any unexpended or unencumbered balance remaining at the end of fiscal year 2003 shall revert to the general fund.

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.