0001|                         HOUSE BILL 314
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                          EDDIE CORLEY
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO IMPROVE THE ZUNI YOUTH CENTER IN MCKINLEY
    |
0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0018|     and sell severance tax bonds in compliance with the Severance
    |
0019|     Tax Bonding Act in an amount not exceeding twenty thousand
    |
0020|     dollars ($20,000) when the New Mexico office of Indian affairs
    |
0021|     certifies the need for the issuance of the bonds.  The state
    |
0022|     board of finance shall schedule the issuance and sale of the
    |
0023|     bonds in the most expeditious and economical manner possible
    |
0024|     upon a finding by the board that the project has been developed
    |
0025|     sufficiently to justify the issuance and that the project can
    |
0001|     proceed to contract within a reasonable time.  The state board
    |
0002|     of finance shall further take the appropriate steps necessary to
    |
0003|     comply with the Internal Revenue Code of 1986, as amended.  The
    |
0004|     proceeds from the sale of the bonds are appropriated to the New
    |
0005|     Mexico office of Indian affairs for the purpose of improving the
    |
0006|     acoustics in the gymnasium at the Zuni youth center located in
    |
0007|     McKinley county.  Any unexpended or unencumbered balance
    |
0008|     remaining at the end of fiscal year 1999 shall revert to the
    |
0009|     severance tax bonding fund.  If the New Mexico office of Indian
    |
0010|     affairs has not certified the need for the issuance of the bonds
    |
0011|     by the end of fiscal year 1998, the authorization provided in
    |
0012|     this section shall be void.
    |
0013|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0014|     peace, health and safety that this act take effect immediately.
    |
0015|                              
    |
0016|     
    |