0001|                            HOUSE BILL 553
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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|                             EDDIE CORLEY
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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 PROJECTS AT THE RAMAH NAVAJO CHAPTER IN
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0013|     CIBOLA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding five hundred eighty-one
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0021|     thousand two hundred fifty dollars ($581,250) when the New
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0022|     Mexico office of Indian affairs certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     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 in the following amounts for
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0008|     the following purposes for projects at the Ramah Navajo chapter
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0009|     in Cibola county:
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0010|                    (1)  three hundred thousand dollars ($300,000)
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0011|     to make improvements to the Ramah Navajo chapter water and 
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0012|     wastewater system; and
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0013|                    (2)  two hundred eighty-one thousand two
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0014|     hundred fifty dollars ($281,250) for low-income housing
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0015|     bathroom additions and plumbing improvements.
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0016|               B.  If the New Mexico office of Indian affairs has
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0017|     not certified the need for the issuance of the bonds by the end
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0018|     of fiscal year 1999, the authorization provided in this section
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0019|     shall be void.  Any unexpended or unencumbered balance
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0020|     remaining from the proceeds of severance tax bonds issued
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0021|     pursuant to Subsection A of this section at the end of fiscal
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0022|     year 2000 shall revert to the severance tax bonding fund. 
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0023|          Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                  
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