0001| HOUSE BILL 430 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MIMI STEWART | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN THE CITY OF | 0014| ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING AN | 0015| APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding one million one hundred thousand | 0022| dollars ($1,100,000) 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 in the following amounts | 0008| for the following purposes: | 0009| (1) one million dollars ($1,000,000) to plan, | 0010| design and construct a park and expand the Grant middle school | 0011| park and center in the city of Albuquerque located in | 0012| Bernalillo; and | 0013| (2) one hundred thousand dollars ($100,000) to | 0014| construct phase II of the park at Jackson middle school in the | 0015| city of Albuquerque located in Bernalillo county. | 0016| B. If the state department of public education has | 0017| not certified the need for the issuance of the bonds by the end | 0018| of fiscal year 1998, the authorization provided in this section | 0019| shall be void. Any unexpended or unencumbered balance remaining | 0020| from the proceeds of severance tax bonds issued pursuant to | 0021| Subsection A of this section at the end of fiscal year 1999 | 0022| shall revert to the severance tax bonding fund. | 0023| Section 2. EMERGENCY.--It is necessary for the public | 0024| peace, health and safety that this act take effect immediately. | 0025|  |