0001| SENATE BILL 299 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PETE CAMPOS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CERTAIN CAPITAL PROJECTS FOR FORT SUMNER | 0014| MUNICIPAL SCHOOLS LOCATED IN DE BACA 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 three hundred fifty-five thousand | 0022| dollars ($355,000) when the state department of public education | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| 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 hundred twenty thousand dollars | 0010| ($120,000) to pave and make improvements to the Fort Sumner | 0011| municipal schools' track located in De Baca county; | 0012| (2) one hundred thousand dollars ($100,000) to | 0013| install sprinkler systems to the football field and other areas | 0014| of the Fort Sumner municipal schools located in De Baca county; | 0015| (3) seventy-five thousand dollars ($75,000) to | 0016| purchase and install equipment for the Fort Sumner municipal | 0017| schools located in De Baca county; and | 0018| (4) sixty thousand dollars ($60,000) to | 0019| renovate the agricultural farm at Fort Sumner municipal schools | 0020| located in De Baca county. | 0021| B. If the state department of public education has | 0022| not certified the need for the issuance of the bonds by the end | 0023| of fiscal year 1998, the authorization provided in this section | 0024| shall be void. Any unexpended or unencumbered balance remaining | 0025| from the proceeds of severance tax bonds issued pursuant to | 0001| Subsection A of this section at the end of fiscal year 1999 | 0002| shall revert to the severance tax bonding fund. | 0003| Section 2. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately. | 0005|  | 0006| | 0007| | 0008| FORTY-SECOND LEGISLATURE | 0009| SECOND SESSION, 1996 | 0010| | 0011| | 0012| JANUARY 26, 1996 | 0013| | 0014| Mr. President: | 0015| | 0016| Your COMMITTEES' COMMITTEE, to whom has been referred | 0017| | 0018| SENATE BILL 299 | 0019| | 0020| has had it under consideration and finds same to be GERMANE, PURSUANT | 0021| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0022| COMMITTEE. | 0023| | 0024| Respectfully submitted, | 0025| | 0001| | 0002| | 0003| | 0004| __________________________________ | 0005| SENATOR MANNY M. ARAGON, Chairman | 0006| | 0007| | 0008| | 0009| Adopted_______________________ Not Adopted_______________________ | 0010| (Chief Clerk) (Chief Clerk) | 0011| | 0012| | 0013| Date ________________________ | 0014| | 0015| | 0016| | 0017| S0299CC1 |