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