0001| HOUSE BILL 677
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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| LUCIANO "LUCKY" VARELA
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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 IMPROVEMENTS TO THE SANTA FE INDIAN
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0013| SCHOOL DINING HALL IN SANTA FE COUNTY; MAKING AN APPROPRIATION;
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0014| DECLARING AN 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.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding four
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0021| hundred fifty thousand dollars ($450,000) when the New Mexico
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0022| office of Indian affairs certifies the need for the issuance of
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0023| the bonds. The state board of finance shall schedule the
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0024| issuance and sale of the bonds in the most expeditious and
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0025| economical manner possible upon a finding by the board that the
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0001| project has been developed sufficiently to justify the issuance
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0002| and that the project can proceed to contract within a
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0003| reasonable time. The state board of finance shall further take
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0004| the appropriate steps necessary to comply with the Internal
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0005| Revenue Code of 1986, as amended. The proceeds from the sale
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0006| of the bonds are appropriated to the New Mexico office of
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0007| Indian affairs for the purpose of enlarging, renovating,
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0008| furnishing or equipping the Santa Fe Indian school dining hall
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0009| located in Santa Fe county. Any unexpended or unencumbered
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0010| balance remaining at the end of fiscal year 2000 shall revert
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0011| to the severance tax bonding fund. If the New Mexico office of
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0012| Indian affairs has not certified the need for the issuance of
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0013| the bonds by the end of fiscal year 1999, the authorization
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0014| provided in this section shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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