0001| HOUSE BILL 297 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JOHN A. HEATON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CARLSBAD MUNICIPAL SCHOOL DISTRICT | 0013| CAPITAL OUTLAY PROJECTS IN EDDY COUNTY; MAKING AN | 0014| APPROPRIATION; 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 two hundred | 0022| eighty thousand dollars ($1,280,000) when the state department | 0023| of public education certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the state department of public | 0008| education in the following amounts for the following purposes: | 0009| (1) four hundred thousand dollars ($400,000) | 0010| for the renovation of space and the purchase and installation | 0011| of computer equipment for a pre-engineering computer lab for | 0012| Carlsbad high school in Eddy county; | 0013| (2) four hundred thousand dollars ($400,000) | 0014| to design, construct and equip an expansion of the cafeteria at | 0015| Carlsbad high school in Eddy county; | 0016| (3) three hundred thousand dollars ($300,000) | 0017| to design, construct and equip an expansion of the library and | 0018| fine arts facility at the Alta Vista middle school in Eddy | 0019| county; and | 0020| (4) one hundred eighty thousand dollars | 0021| ($180,000) for the removal of evaporative air conditioners and | 0022| the purchase and installation of refrigerated air conditioning | 0023| units for the early childhood education center in Eddy county. | 0024| B. If the state department of public education has | 0025| not certified the need for the issuance of the bonds by the end | 0001| of fiscal year 1999, the authorization provided in this section | 0002| shall be void. Any unexpended or unencumbered balance | 0003| remaining from the proceeds of severance tax bonds issued | 0004| pursuant to Subsection A of this section at the end of fiscal | 0005| year 2000 shall revert to the severance tax bonding fund. | 0006| Section 2. EMERGENCY.--It is necessary for the public | 0007| peace, health and safety that this act take effect immediately. | 0008|  |