0001| HOUSE BILL 675 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| GARY K. KING | 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 A PEDESTRIAN | 0014| OVERPASS ACROSS THE ROAD FROM AND IN FRONT OF EDGEWOOD | 0015| ELEMENTARY SCHOOL LOCATED IN SANTA FE COUNTY; MAKING AN | 0016| APPROPRIATION; 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 one hundred fifty | 0022| thousand dollars ($150,000) 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 a pedestrian overpass | 0009| across the road from and in front of Edgewood elementary school | 0010| located in Santa Fe county. Any unexpended or unencumbered | 0011| balance remaining at the end of fiscal year 1999 shall revert to | 0012| the severance tax bonding fund. If the state department of | 0013| public education has not certified the need for the issuance of | 0014| the bonds by the end of fiscal year 1998, the authorization | 0015| provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  | 0019| |