0001|                         HOUSE BILL 54
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                       DEBBIE A. RODELLA
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR PLANNING, DESIGNING OR CONSTRUCTING AN
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0014|     EIGHT NORTHERN INDIAN PUEBLOS MULTIPURPOSE BUILDING AND FOR
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0015|     PLANNING AND DESIGNING A PERMANENT FACILITY FOR THE EIGHT
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0016|     NORTHERN INDIAN PUEBLOS ARTS AND CRAFTS FAIR; MAKING AN
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0017|     APPROPRIATION; DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0021|            A.  The state board of finance may issue and sell
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0022|     severance tax bonds in compliance with the Severance Tax Bonding
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0023|     Act in an amount not exceeding two hundred twenty-five thousand
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0024|     dollars ($225,000) when the New Mexico office of Indian affairs
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0025|     certifies the need for the issuance of the bonds.  The state
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0001|     board of finance shall schedule the issuance and sale of the
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0002|     bonds in the most expeditious and economical manner possible
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0003|     upon a finding by the board that the project has been developed
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0004|     sufficiently to justify the issuance and that the project can
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0005|     proceed to contract within a reasonable time.  The state board
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0006|     of finance shall further take the appropriate steps necessary to
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0007|     comply with the Internal Revenue Code of 1986, as amended.  The
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0008|     proceeds from the sale of the bonds are appropriated to the New
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0009|     Mexico office of Indian affairs in the following amounts for the
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0010|     following purposes:
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0011|                 (1)  one hundred seventy-five thousand dollars
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0012|     ($175,000) to plan, design or construct a multipurpose building
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0013|     as a community center and administration building for the
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0014|     eight northern Indian pueblos; and
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0015|                 (2)  fifty thousand dollars ($50,000) for
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0016|     planning and designing a permanent facility for the eight
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0017|     northern Indian pueblos arts and crafts fair.
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0018|            B.  If the New Mexico office of Indian affairs has
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0019|     not certified the need for the issuance of the bonds by the end
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0020|     of fiscal year 1998, the authorization provided in this section
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0021|     shall be void.  Any unexpended or unencumbered balance remaining
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0022|     from the proceeds of severance tax bonds issued pursuant to
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0023|     Subsection A of this section at the end of fiscal year 1999
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0024|     shall revert to the 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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0002|                              
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