0001| 
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0002|                         HOUSE BILL 213
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0003|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0004|     1996
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0005|                         INTRODUCED BY
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0006|                         G.X. MCSHERRY
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0007|     
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0008|                                
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0009|     
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0010|     
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0011|     
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0012|                             AN ACT
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0013|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0014|     SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT, IMPROVE OR PURCHASE 
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0015|     EQUIPMENT FOR A SCHOOL BUS ROUTE SOUTHWEST OF DEMING IN LUNA
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0016|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding one hundred 
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0022|     forty-nine thousand four hundred eighty-seven dollars
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0023|     ($149,487) when the state department of public education
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary to
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0006|     comply with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state department of public education for the purpose of
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0009|     designing, constructing, improving or purchasing equipment for a
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0010|     school bus route southwest of Deming known as Lucca avenue
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0011|     located in Luna county.  Any unexpended or unencumbered balance
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0012|     remaining at the end of fiscal year 1999 shall revert to the
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0013|     severance tax bonding fund.  If the state department of public
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0014|     education has not certified the need for the issuance of the
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0015|     bonds by the end of fiscal year 1998, the authorization provided
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0016|     in this section shall be void.
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0017|       Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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