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
    |
<center>- 1 -</center>

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|                              
    |