0001| HOUSE BILL 662 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| LYNDA M. LOVEJOY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PURCHASE, CONSTRUCT AND EQUIP A NEW | 0014| MODULAR BUILDING FOR THE CROWNPOINT SOCIAL SERVICES FACILITY IN | 0015| MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding five hundred thousand | 0022| dollars ($500,000) 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 to | 0005| comply 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 for the purpose of purchasing, | 0008| constructing and equipping a new modular building for the | 0009| Crownpoint social services facility located in McKinley county. | 0010| Any unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 1999 shall revert to the severance tax bonding fund. | 0012| If the New Mexico office of Indian affairs has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1998, the authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |