0001| SENATE BILL 651
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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| LEONARD TSOSIE
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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 TO BUILD A NEW CLASSROOM AND MAKE BUILDING
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0014| MODIFICATIONS AT THE CUBA ELEMENTARY SCHOOL IN SANDOVAL COUNTY;
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0015| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding two hundred sixty
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0021| thousand dollars ($260,000) when the state department of public
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0022| education certifies the need for the issuance of the bonds. The
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0023| state board of finance shall schedule the issuance and sale of
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0024| the bonds in the most expeditious and economical manner possible
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0025| upon a finding by the board that the project has been developed
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0001| sufficiently to justify the issuance and that the project can
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0002| proceed to contract within a reasonable time. The state board
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0003| of finance shall further take the appropriate steps necessary to
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0004| comply with the Internal Revenue Code of 1986, as amended. The
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0005| proceeds from the sale of the bonds are appropriated to the
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0006| state department of public education for the purpose of
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0007| designing, constructing and equipping a new classroom and
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0008| building modifications required for Americans with Disabilities
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0009| Act of 1990 compliance at the Cuba elementary school located in
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0010| Sandoval county. Any unexpended or unencumbered balance
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0011| remaining at the end of fiscal year 1999 shall revert to the
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0012| severance tax bonding fund. If the state department of public
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0013| education has not certified the need for the issuance of the
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0014| bonds by the end of fiscal year 1998, the authorization provided
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0015| in this section shall be void.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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0018|
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0019|
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0020|
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0021| FORTY-SECOND LEGISLATURE
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0022| SECOND SESSION, 1996
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0023|
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0024|
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0025| JANUARY 31, 1996
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0001|
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0002| Mr. President:
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0003|
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0004| Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|
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0006| SENATE BILL 651
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0007|
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0008| has had it under consideration and finds same to be GERMANE, PURSUANT
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0009| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0010| COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0014|
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0015|
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0016|
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0017| __________________________________
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0018| SENATOR MANNY M. ARAGON, Chairman
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0019|
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0020|
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0021|
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0022| Adopted_______________________ Not Adopted_______________________
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0023| (Chief Clerk) (Chief Clerk)
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0024|
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0025|
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0001| Date ________________________
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0002|
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0003|
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0004|
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0005| S0651CC1
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