0001| HOUSE BILL 21 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| NICK L. SALAZAR | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR NORTHERN NEW MEXICO STATE SCHOOL | 0013| PROJECTS IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding one million three | 0022| hundred eighty-eight thousand dollars ($1,388,000) when the | 0023| board of regents of northern New Mexico state school certifies | 0024| the need for the issuance of the bonds. The state board of | 0025| finance shall schedule the issuance and sale of the bonds in | 0001| the most expeditious and economical manner possible upon a | 0002| finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary | 0006| to comply with the Internal Revenue Code of 1986, as amended. | 0007| The proceeds from the sale of the bonds are appropriated to the | 0008| board of regents of northern New Mexico state school in the | 0009| following amounts for the following projects at northern New | 0010| Mexico state school in Rio Arriba county: | 0011| (1) seven hundred thousand dollars ($700,000) | 0012| for site drainage improvements at the Espanola campus; | 0013| (2) four hundred thousand dollars ($400,000) | 0014| for property acquisition at the Espanola campus; and | 0015| (3) two hundred eighty-eight thousand dollars | 0016| ($288,000) for phase two water infrastructure at the El Rito | 0017| campus. | 0018| B. If the board of regents of northern New Mexico | 0019| state school has not certified the need for the issuance of the | 0020| bonds by the end of fiscal year 1999, the authorization | 0021| provided in this section shall be void. Any unexpended or | 0022| unencumbered balance remaining from the proceeds of severance | 0023| tax bonds issued pursuant to Subsection A of this section at | 0024| the end of fiscal year 2000 shall revert to the severance tax | 0025| bonding fund. | 0001| Section 2. EMERGENCY.--It is necessary for the public | 0002| peace, health and safety that this act take effect immediately. | 0003| - 3 - |