0001|                            HOUSE BILL 504
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                         JIMMIE GARNENEZ, SR.
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN NENAHNEZAD IN SAN
    |
0013|     JUAN COUNTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
    |
0017|     APPROPRIATION OF PROCEEDS.--
    |
0018|               A.  The state board of finance may issue and sell
    |
0019|     severance tax bonds in compliance with the Severance Tax
    |
0020|     Bonding Act in an amount not to exceed the total of the amounts
    |
0021|     authorized for purposes specified in Sections 2 and 3 of this
    |
0022|     act.  The state board of finance shall schedule the issuance
    |
0023|     and sale of the bonds in the most expeditious and economical
    |
0024|     manner possible upon a finding by the board that the project
    |
0025|     has been developed sufficiently to justify the issuance and
    |
0001|     that the project can proceed to contract within a reasonable
    |
0002|     time.  The state board of finance shall further take the
    |
0003|     appropriate steps necessary to comply with the Internal Revenue
    |
0004|     Code of 1986, as amended.  Proceeds from the sale of the bonds
    |
0005|     are appropriated for the purposes specified in Sections 2 and 3
    |
0006|     of this act.
    |
0007|               B.  The agencies named in Sections 2 and 3 of this
    |
0008|     act shall certify to the state board of finance when the money
    |
0009|     from the proceeds of the severance tax bonds authorized in this
    |
0010|     section is needed for the purposes specified in the applicable
    |
0011|     section of this act.
    |
0012|               C.  If the specified agency has not certified the
    |
0013|     need for the issuance of the bonds by the end of fiscal year
    |
0014|     1999, the authorization provided in this act shall be void.
    |
0015|               D.  Unless otherwise specified in this act, any
    |
0016|     unexpended or unencumbered balance remaining from the proceeds
    |
0017|     of severance tax bonds issued pursuant to Sections 2 and 3 of
    |
0018|     this act at the end of fiscal year 2000 shall revert to the
    |
0019|     severance tax bonding fund.
    |
0020|          Section 2.  SEVERANCE TAX BONDS--STATE AGENCY ON AGING--
    |
0021|     PURPOSE.--Pursuant to the provisions of Section 1 of this act,
    |
0022|     upon certification by the state agency on aging that the need
    |
0023|     exists for the issuance of the bonds, thirty-two thousand
    |
0024|     dollars ($32,000) is appropriated to the state agency on aging
    |
0025|     for the purpose of purchasing a van for the Nenahnezad senior
    |
0001|     citizen program in San Juan county.
    |
0002|     
    |
0003|          Section 3.  SEVERANCE TAX BONDS--NEW MEXICO OFFICE OF
    |
0004|     INDIAN AFFAIRS--PURPOSES.--Pursuant to the provisions of
    |
0005|     Section 1 of this act, upon certification by the New Mexico
    |
0006|     office of Indian affairs that the need exists for the issuance
    |
0007|     of the bonds, the following amounts are appropriated to the New
    |
0008|     Mexico office of Indian affairs for the following purposes:
    |
0009|               A.  one million dollars ($1,000,000) to continue
    |
0010|     making improvements to the Yellowman siphon located in
    |
0011|     Nenahnezad in San Juan county; and
    |
0012|               B.  seven hundred fifty thousand dollars ($750,000)
    |
0013|     to construct a head start facility in Nenahnezad in San Juan
    |
0014|     county.
    |
0015|          Section 4.  EMERGENCY.--It is necessary for the public
    |
0016|     peace, health and safety that this act take effect immediately.
    |
0017|                                  
    |