0001| HOUSE BILL 373 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| KIP W. NICELY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT AND EQUIP AN ALL-WEATHER TRACK AND TO MAKE IMPROVEMENTS TO THE SOCCER AND | 0014| SOFTBALL FIELDS AT ELDORADO HIGH SCHOOL IN THE CITY OF | 0015| ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0016| DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding six hundred sixty | 0022| thousand dollars ($660,000) when the state department of public | 0023| education certifies the need for the issuance of the bonds. The | 0024| state board of finance shall schedule the issuance and sale of | 0025| the bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| state department of public education for the purpose of | 0008| designing, constructing and equipping an all-weather track and | 0009| making improvements to the soccer and softball fields at | 0010| Eldorado high school in the city of Albuquerque located in | 0011| Bernalillo county. Any unexpended or unencumbered balance | 0012| remaining at the end of fiscal year 1999 shall revert to the | 0013| severance tax bonding fund. If the state department of public | 0014| education has not certified the need for the issuance of the | 0015| bonds by the end of fiscal year 1998, the authorization provided | 0016| in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  |