0001|                            HOUSE BILL 554
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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|                             EDDIE CORLEY
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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 IN CHICHILTAH IN
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0013|     MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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 six hundred forty-five
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0022|     thousand dollars ($645,000) when the New Mexico office of
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0023|     Indian affairs certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the New Mexico office of Indian
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0008|     affairs in the following amounts for the following purposes for
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0009|     projects in the community of Chichiltah in McKinley county:
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0010|                    (1)  four hundred forty-five thousand dollars
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0011|     ($445,000) for low-income housing bathroom additions and
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0012|     plumbing improvements; and
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0013|                    (2)  two hundred thousand dollars ($200,000)
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0014|     for low-income housing wiring projects.
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0015|               B.  If the New Mexico office of Indian affairs has
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0016|     not certified the need for the issuance of the bonds by the end
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0017|     of fiscal year 1999, the authorization provided in this section
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0018|     shall be void.  Any unexpended or unencumbered balance
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0019|     remaining from the proceeds of severance tax bonds issued
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0020|     pursuant to Subsection A of this section at the end of fiscal
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0021|     year 2000 shall revert to the severance tax bonding fund. 
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0022|          Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                                  
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