0001|                            HOUSE BILL 598
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                         LEO C. WATCHMAN, JR.
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|                   FOR THE INDIAN AFFAIRS COMMITTEE
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR FENCING FOR HEAD START CENTER GROUNDS
    |
0013|     IN MCKINLEY AND SAN JUAN COUNTIES; MAKING AN APPROPRIATION;
    |
0014|     DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
    |
0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
    |
0019|               A.  The state board of finance may issue and sell
    |
0020|     severance tax bonds in compliance with the Severance Tax
    |
0021|     Bonding Act in an amount not exceeding thirty-five thousand
    |
0022|     five hundred dollars ($35,500) when the New Mexico office of
    |
0023|     Indian affairs certifies the need for the issuance of the
    |
0024|     bonds.  The state board of finance shall schedule the issuance
    |
0025|     and sale of the bonds in the most expeditious and economical
    |
0001|     manner possible upon a finding by the board that the project
    |
0002|     has been developed sufficiently to justify the issuance and
    |
0003|     that the project can proceed to contract within a reasonable
    |
0004|     time.  The state board of finance shall further take the
    |
0005|     appropriate steps necessary to comply with the Internal Revenue
    |
0006|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0007|     bonds are appropriated to the New Mexico office of Indian
    |
0008|     affairs in the following amounts for the following purposes:
    |
0009|                    (1)  twenty-five thousand nine hundred dollars
    |
0010|     ($25,900), to be divided equally among Navajo, Coal Mine,
    |
0011|     Tohatchi, Manuelito, Twin Lakes, Crystal and Mexican Springs
    |
0012|     head start centers, for the purchase and installation of chain-
    |
0013|     link fencing to secure the grounds; and
    |
0014|                    (2)  nine thousand six hundred dollars
    |
0015|     ($9,600), to be divided equally between Tsayatoh and Rock
    |
0016|     Springs head start centers, for the purchase and installation
    |
0017|     of chain-link fencing to secure the grounds.
    |
0018|               B.  If the New Mexico office of Indian affairs has
    |
0019|     not certified the need for the issuance of the bonds by the end
    |
0020|     of fiscal year 1999, the authorization provided in this section
    |
0021|     shall be void.  Any unexpended or unencumbered balance
    |
0022|     remaining from the proceeds of severance tax bonds issued
    |
0023|     pursuant to Subsection A of this section at the end of fiscal
    |
0024|     year 2000 shall revert to the severance tax bonding fund. 
    |
0025|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0001|     peace, health and safety that this act take effect immediately.
    |
0002|                                  
    |