0001|                         HOUSE BILL 741
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        LYNDA M. LOVEJOY
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS FOR THE CROWNPOINT
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0014|     INSTITUTE OF TECHNOLOGY IN MCKINLEY COUNTY; MAKING AN
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0015|     APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding one million three hundred fifty
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0022|     thousand dollars ($1,350,000) when the New Mexico office of
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0023|     Indian affairs certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the New Mexico office of Indian affairs in the
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0008|     following amounts for the following purposes:
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0009|                 (1)  five hundred thousand dollars ($500,000) to
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0010|     design, construct and equip a training and administration
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0011|     complex for the Crownpoint institute of technology in McKinley
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0012|     county;
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0013|                 (2)  six hundred thousand dollars ($600,000) to
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0014|     design, construct and equip a child care center for the
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0015|     Crownpoint institute of technology in McKinley county; and
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0016|                 (3)  two hundred fifty thousand dollars
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0017|     ($250,000) to design, construct and equip a library for the
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0018|     Crownpoint institute of technology in McKinley county.
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0019|            B.  If the New Mexico office of Indian affairs has
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0020|     not certified the need for the issuance of the bonds by the end
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0021|     of fiscal year 1998, the authorization provided in this section
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0022|     shall be void.  Any unexpended or unencumbered balance remaining
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0023|     from the proceeds of severance tax bonds issued pursuant to
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0024|     Subsection A of this section at the end of fiscal year 1999
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0025|     shall revert to the severance tax bonding fund. 
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0001|       Section 2.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect immediately.
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0003|                              
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0004|     
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