0001|                            HOUSE BILL 502
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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|                         JIMMIE GARNENEZ, SR.
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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 CAPITAL PROJECTS AT A RESIDENTIAL
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0013|     PROGRAM FOR DEVELOPMENTALLY DISABLED PERSONS IN SHIPROCK IN SAN
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0014|     JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -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
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0021|     Bonding Act in an amount not exceeding one hundred eighty-two
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0022|     thousand four hundred fifty dollars ($182,450) when the New
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0023|     Mexico office of Indian affairs certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the New
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0008|     Mexico office of Indian affairs in the following amounts for
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0009|     the following purposes for projects in Shiprock in San Juan
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0010|     county:
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0011|                    (1)  one hundred two thousand four hundred
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0012|     fifty dollars ($102,450) to equip a maintenance shop an
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0013|     destablish a communications base for a residential program for
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0014|     developmentally disabled persons; and
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0015|                    (2)  eighty thousand dollars ($80,000) to
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0016|     purchase, install or equip two modular classrooms at a
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0017|     residential program for developmentally disabled persons.
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0018|               B.  If the  has not certified the need for the
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0019|     issuance of the bonds by the end of fiscal year 1999, the
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0020|     authorization provided in this section shall be void.  Any
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0021|     unexpended or unencumbered balance remaining from the proceeds
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0022|     of severance tax bonds issued pursuant to Subsection A of this
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0023|     section at the end of fiscal year 2000 shall revert to the
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0024|     severance tax bonding fund. 
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0025|          Section 2.  EMERGENCY.--It is necessary for the public
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0001|     peace, health and safety that this act take effect immediately.
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