0001| HOUSE BILL 732 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| LEO C. WATCHMAN, JR. | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS AT THE CRYSTAL CHAPTER | 0013| IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0014| EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding four hundred forty-five | 0022| thousand dollars ($445,000) when the New Mexico office of | 0023| Indian affairs certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the New Mexico office of Indian | 0008| affairs in the following amounts for the following purposes: | 0009| (1) two hundred fifty thousand dollars | 0010| ($250,000) to plan, design, construct or equip a multipurpose | 0011| center at the Crystal chapter in San Juan county; | 0012| (2) one hundred twenty-five thousand dollars | 0013| ($125,000) for archaeological and environmental clearances and | 0014| to acquire rights of way for a powerline extension at the | 0015| Crystal chapter in San Juan county; and | 0016| (3) seventy thousand dollars ($70,000) to | 0017| plan, design, acquire rights of way and construct water and | 0018| wastewater improvements at the Crystal chapter in San Juan | 0019| county. | 0020| B. If the New Mexico office of Indian affairs has | 0021| not certified the need for the issuance of the bonds by the end | 0022| of fiscal year 1999, the authorization provided in this section | 0023| shall be void. Any unexpended or unencumbered balance | 0024| remaining from the proceeds of severance tax bonds issued | 0025| pursuant to Subsection A of this section at the end of fiscal | 0001| year 2000 shall revert to the severance tax bonding fund. | 0002| Section 2. EMERGENCY.--It is necessary for the public | 0003| peace, health and safety that this act take effect immediately. | 0004|  |