0001| SENATE BILL 76 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998 | 0003| INTRODUCED BY | 0004| John Pinto | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT A CLASSROOM | 0013| FACILITY IN THE TOWN OF SHEEP SPRINGS LOCATED IN MCKINLEY | 0014| COUNTY; MAKING AN APPROPRIATION; DECLARING 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 | 0018| ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance | 0019| may issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding three | 0021| hundred seventy-one thousand dollars ($371,000) when the | 0022| office of Indian affairs certifies the need for the issuance | 0023| of 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 | - 1 - 0001| the project has been developed sufficiently to justify the | 0002| issuance and that the project can proceed to contract within a | 0003| reasonable time. The state board of finance shall further | 0004| take the appropriate steps necessary to comply with the | 0005| Internal Revenue Code of 1986, as amended. The proceeds from | 0006| the sale of the bonds are appropriated to the office of Indian | 0007| affairs for the purpose of planning, designing and | 0008| constructing a two-classroom school facility for use for a | 0009| head start program and other educational instruction located | 0010| in San Juan county. Any unexpended or unencumbered balance | 0011| remaining at the end of fiscal year 2001 shall revert to the | 0012| severance tax bonding fund. If the office of Indian affairs | 0013| has not certified the need for the issuance of the bonds by | 0014| the end of fiscal year 2000, the authorization provided in | 0015| this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect | 0018| immediately. | 0019|  |