0001|                         HOUSE BILL 422
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                      W.C. "DUB" WILLIAMS
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS FOR PUBLIC SCHOOLS IN
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0014|     LINCOLN 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 ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|            A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax Bonding
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0020|     Act in an amount not exceeding five hundred eighty-three
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0021|     thousand five hundred fifty-nine dollars ($583,559) when the
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0022|     state department of public education certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     state department of public education in the following amounts
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0008|     for the following purposes:
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0009|                 (1)  four hundred sixty-one thousand eight
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0010|     hundred thirty-seven dollars ($461,837) to design, construct and
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0011|     equip a shower and locker room facility and to purchase and
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0012|     install bleachers in the gymnasium in the Corona public schools
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0013|     in Lincoln county;
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0014|                 (2)  twenty-five thousand seven hundred twenty-two dollars ($25,722) to purchase an activity car for the Corona
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0015|     public schools in Lincoln county;
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0016|                 (3)  five thousand dollars ($5,000) to purchase
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0017|     and install a satellite for the Corona public schools in Lincoln
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0018|     county; and
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0019|                 (4)  ninety-one thousand dollars ($91,000) to
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0020|     purchase and install educational technology for the Capitan
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0021|     municipal schools in Lincoln county. 
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0022|            B.  If the state department of public education has
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0023|     not certified the need for the issuance of the bonds by the end
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0024|     of fiscal year 1998, the authorization provided in this section
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0025|     shall be void.  Any unexpended or unencumbered balance remaining
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0001|     from the proceeds of severance tax bonds issued pursuant to
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0002|     Subsection A of this section at the end of fiscal year 1999
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0003|     shall revert to the severance tax bonding fund. 
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0004|       Section 2.  EMERGENCY.--It is necessary for the public
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0005|     peace, health and safety that this act take effect immediately.
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0006|                              
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