0001| HOUSE BILL 780 | 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 THE HUERFANO CHAPTER MULTIPURPOSE | 0013| COMPLEX IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING | 0014| AN 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.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding three | 0021| hundred fifty thousand dollars ($350,000) when the New Mexico | 0022| office of Indian affairs certifies the need for the issuance of | 0023| the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a | 0003| reasonable time. The state board of finance shall further take | 0004| the appropriate steps necessary to comply with the Internal | 0005| Revenue Code of 1986, as amended. The proceeds from the sale | 0006| of the bonds are appropriated to the New Mexico office of | 0007| Indian affairs for the purpose of completing phases one and two | 0008| of the Huerfano chapter multipurpose complex located in San | 0009| Juan county. Any unexpended or unencumbered balance remaining | 0010| at the end of fiscal year 2000 shall revert to the severance | 0011| tax bonding fund. If the New Mexico office of Indian affairs | 0012| has not certified the need for the issuance of the bonds by the | 0013| end of fiscal year 1999, the authorization provided in this | 0014| 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|  |