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0007|                                  
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0008|                           SENATE BILL 1171
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0009|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0010|                            INTRODUCED BY
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0011|                              JOHN PINTO
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0012|     
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0013|                                   
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0014|     
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0015|     
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0016|     
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0017|                                AN ACT
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0018|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0019|     SEVERANCE TAX BONDS TO PURCHASE MODULAR BUILDINGS FOR
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0020|     INSTRUCTIONAL CLASSROOMS FOR A SPECIAL EDUCATION PROGRAM IN
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0021|     SHIPROCK IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING
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0022|     AN EMERGENCY.
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0023|     
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0024|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0025|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0001|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0002|     issue and sell severance tax bonds in compliance with the
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0003|     Severance Tax Bonding Act in an amount not exceeding eighty
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0004|     thousand dollars ($80,000) when the New Mexico office of Indian
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0005|     affairs certifies the need for the issuance of the bonds.  The
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0006|     state board of finance shall schedule the issuance and sale of
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0007|     the bonds in the most expeditious and economical manner
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0008|     possible upon a finding by the board that the project has been
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0009|     developed sufficiently to justify the issuance and that the
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0010|     project can proceed to contract within a reasonable time.  The
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0011|     state board of finance shall further take the appropriate steps
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0012|     necessary to comply with the Internal Revenue Code of 1986, as
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0013|     amended.  The proceeds from the sale of the bonds are
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0014|     appropriated to the New Mexico office of Indian affairs for the
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0015|     purpose of purchasing two modular buildings for instructional
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0016|     classrooms for the Tse'Bit'Ai learning center in Shiprock
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0017|     located in San Juan county.  Any unexpended or unencumbered
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0018|     balance remaining at the end of fiscal year 2000 shall revert
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0019|     to the severance tax bonding fund.  If the New Mexico office of
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0020|     Indian affairs has not certified the need for the issuance of
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0021|     the bonds by the end of fiscal year 1999, the authorization
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0022|     provided in this section shall be void.
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0023|          Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                  
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