0001|                            HOUSE BILL 503
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                         JIMMIE GARNENEZ, SR.
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR SHIPROCK COMMUNITY PROJECTS IN SAN JUAN
    |
0013|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0017|     -APPROPRIATION OF PROCEEDS.--
    |
0018|               A.  The state board of finance may issue and sell
    |
0019|     severance tax bonds in compliance with the Severance Tax
    |
0020|     Bonding Act in an amount not exceeding one million five hundred
    |
0021|     ninety-nine thousand three hundred forty dollars
    |
0022|     ($1,599,340) when the New Mexico office of Indian affairs
    |
0023|     certifies the need for the issuance of the bonds.  The state
    |
0024|     board of finance shall schedule the issuance and sale of the
    |
0025|     bonds in the most expeditious and economical manner possible
    |
0001|     upon a finding by the board that the project has been developed
    |
0002|     sufficiently to justify the issuance and that the project can
    |
0003|     proceed to contract within a reasonable time.  The state board
    |
0004|     of finance shall further take the appropriate steps necessary
    |
0005|     to comply with the Internal Revenue Code of 1986, as amended. 
    |
0006|     The proceeds from the sale of the bonds are appropriated to the
    |
0007|     New Mexico office of Indian affairs in the following amounts
    |
0008|     for the following purposes:
    |
0009|                    (1)  two hundred seventy-five thousand dollars
    |
0010|     ($275,000) to complete phase three of the Shiprock street
    |
0011|     lighting project;
    |
0012|                    (2)  one hundred seventy thousand dollars
    |
0013|     ($170,000) to begin phase one development of a Shiprock
    |
0014|     community park;
    |
0015|                    (3)  four hundred four thousand three hundred
    |
0016|     forty dollars ($404,340) to upgrade the Shiprock community
    |
0017|     sewer system; and
    |
0018|                    (4)  seven hundred fifty thousand dollars
    |
0019|     ($750,000) to improve and pave several community roads in
    |
0020|     Shiprock.
    |
0021|               B.  If the New Mexico office of Indian affairs has
    |
0022|     not certified the need for the issuance of the bonds by the end
    |
0023|     of fiscal year 1999, the authorization provided in this section
    |
0024|     shall be void.  Any unexpended or unencumbered balance
    |
0025|     remaining from the proceeds of severance tax bonds issued
    |
0001|     pursuant to Subsection A of this section at the end of fiscal
    |
0002|     year 2000 shall revert to the severance tax bonding fund. 
    |
0003|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0004|     peace, health and safety that this act take effect immediately.
    |
0005|                              
    |