0001| HOUSE BILL 725 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| EDDIE CORLEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PURCHASE AND INSTALL A BUILDING FOR USE | 0014| AS A TRAINING FACILITY FOR RANCHERS IN OR NEAR RAMAH CHAPTER | 0015| LOCATED IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING | 0016| AN 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 forty-five thousand | 0022| dollars ($45,000) 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| and installing a modular steel building on Nicoll ranch for use | 0009| as a sheep and cattle ranching training facility for local | 0010| ranchers and their families near Ramah chapter located in San | 0011| Juan county. Any unexpended or unencumbered balance remaining | 0012| at the end of fiscal year 1999 shall revert to the severance tax | 0013| bonding fund. If the New Mexico office of Indian affairs has | 0014| not certified the need for the issuance of the bonds by the end | 0015| of fiscal year 1998, the authorization provided in this section | 0016| shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |