0001| HOUSE BILL 54 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DEBBIE A. RODELLA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR PLANNING, DESIGNING OR CONSTRUCTING AN | 0014| EIGHT NORTHERN INDIAN PUEBLOS MULTIPURPOSE BUILDING AND FOR | 0015| PLANNING AND DESIGNING A PERMANENT FACILITY FOR THE EIGHT | 0016| NORTHERN INDIAN PUEBLOS ARTS AND CRAFTS FAIR; MAKING AN | 0017| APPROPRIATION; DECLARING AN EMERGENCY. | 0018| | 0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0020| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0021| A. The state board of finance may issue and sell | 0022| severance tax bonds in compliance with the Severance Tax Bonding | 0023| Act in an amount not exceeding two hundred twenty-five thousand | 0024| dollars ($225,000) when the New Mexico office of Indian affairs | 0025| certifies the need for the issuance of the bonds. The state | 0001| board of finance shall schedule the issuance and sale of the | 0002| bonds in the most expeditious and economical manner possible | 0003| upon a finding by the board that the project has been developed | 0004| sufficiently to justify the issuance and that the project can | 0005| proceed to contract within a reasonable time. The state board | 0006| of finance shall further take the appropriate steps necessary to | 0007| comply with the Internal Revenue Code of 1986, as amended. The | 0008| proceeds from the sale of the bonds are appropriated to the New | 0009| Mexico office of Indian affairs in the following amounts for the | 0010| following purposes: | 0011| (1) one hundred seventy-five thousand dollars | 0012| ($175,000) to plan, design or construct a multipurpose building | 0013| as a community center and administration building for the | 0014| eight northern Indian pueblos; and | 0015| (2) fifty thousand dollars ($50,000) for | 0016| planning and designing a permanent facility for the eight | 0017| northern Indian pueblos arts and crafts fair. | 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 1998, the authorization provided in this section | 0021| shall be void. Any unexpended or unencumbered balance remaining | 0022| from the proceeds of severance tax bonds issued pursuant to | 0023| Subsection A of this section at the end of fiscal year 1999 | 0024| 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|  |