0001| HOUSE BILL 553 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| EDDIE CORLEY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR PROJECTS AT THE RAMAH NAVAJO CHAPTER IN | 0013| CIBOLA 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 five hundred eighty-one | 0021| thousand two hundred fifty dollars ($581,250) when the New | 0022| Mexico office of Indian affairs certifies the need for the | 0023| issuance of the bonds. The state board of finance shall | 0024| schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by | 0001| the board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the New | 0007| Mexico office of Indian affairs in the following amounts for | 0008| the following purposes for projects at the Ramah Navajo chapter | 0009| in Cibola county: | 0010| (1) three hundred thousand dollars ($300,000) | 0011| to make improvements to the Ramah Navajo chapter water and | 0012| wastewater system; and | 0013| (2) two hundred eighty-one thousand two | 0014| hundred fifty dollars ($281,250) for low-income housing | 0015| bathroom additions and plumbing improvements. | 0016| B. If the New Mexico office of Indian affairs has | 0017| not certified the need for the issuance of the bonds by the end | 0018| of fiscal year 1999, the authorization provided in this section | 0019| shall be void. Any unexpended or unencumbered balance | 0020| remaining from the proceeds of severance tax bonds issued | 0021| pursuant to Subsection A of this section at the end of fiscal | 0022| year 2000 shall revert to the severance tax bonding fund. | 0023| Section 2. EMERGENCY.--It is necessary for the public | 0024| peace, health and safety that this act take effect immediately. | 0025|  |