0001| SENATE BILL 420 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PHIL A. GRIEGO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR SANTA FE INDIAN SCHOOL CAPITAL OUTLAY | 0013| PROJECTS LOCATED IN SANTA FE COUNTY; MAKING AN APPROPRIATION; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0018| ISSUED-APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding eight hundred fifty | 0022| thousand dollars ($850,000) when the New Mexico office of | 0023| Indian affairs certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. the proceeds from the sale of the | 0007| bonds are appropriated to the New Mexico office of Indian | 0008| affairs in the following amounts for the following purposes: | 0009| (1) six hundred thousand dollars ($600,000) to | 0010| design, construct, furnish and equip improvements to the Paolo | 0011| Soleri amphitheater at the Santa Fe Indian school located in | 0012| Santa Fe county; and | 0013| (2) two hundred fifty thousand dollars | 0014| ($250,000) to design, construct and equip improvements to the | 0015| track and field at the Santa Fe Indian school located in Santa | 0016| Fe county. | 0017| B. If the New Mexico office of Indian affairs has | 0018| not certified the need for the issuance of the bonds by the end | 0019| of fiscal year 1999, the authorization provided in this section | 0020| shall be void. Any unexpended or unencumbered balance | 0021| remaining from the proceeds of severance tax bonds issued | 0022| pursuant to Subsection A of this section at the end of fiscal | 0023| year 2000 shall revert to the severance tax bonding fund. | 0024| Section 2. EMERGENCY.--It is necessary for the public | 0025| peace, health and safety that this act take effect immediately. | 0001|  |