0001|                         HOUSE BILL 525
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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|                        ROBERT S. LIGHT
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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 AN ADDITION TO CARLSBAD HIGH SCHOOL IN
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0014|     EDDY 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.--The state board of finance may issue
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0018|     and sell severance tax bonds in compliance with the Severance
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0019|     Tax Bonding Act in an amount not exceeding two hundred eighty
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0020|     thousand dollars ($280,000) when the state department of public
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0021|     education certifies the need for the issuance of the bonds.  The
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0022|     state board of finance shall schedule the issuance and sale of
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0023|     the bonds in the most expeditious and economical manner possible
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0024|     upon a finding by the board that the project has been developed
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0025|     sufficiently to justify the issuance and that the project can
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0001|     proceed to contract within a reasonable time.  The state board
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0002|     of finance shall further take the appropriate steps necessary to
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0003|     comply with the Internal Revenue Code of 1986, as amended.  The
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0004|     proceeds from the sale of the bonds are appropriated to the
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0005|     state department of public education for the purpose of
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0006|     planning, designing or constructing a 3,000-square-foot fitness
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0007|     center addition to Carlsbad high school located in Eddy county. 
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0008|     Any unexpended or unencumbered balance remaining at the end of
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0009|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0010|     If the state department of public education has not certified
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0011|     the need for the issuance of the bonds by the end of fiscal year
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0012|     1998, the authorization provided in this section shall be void.
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0013|       Section 2.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                              
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0016|     
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