0001|                            HOUSE BILL 543
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          SANDRA L. TOWNSEND
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0005|               
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0006|                                   
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0007|     
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0008|     
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR PIEDRA VISTA HIGH SCHOOL AUDITORIUM IN
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0013|     FARMINGTON LOCATED IN SAN JUAN COUNTY; MAKING AN APPROPRIATION;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding two
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0021|     million one hundred thousand dollars ($2,100,000) when the
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0022|     state department of public education certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     state department of public education for the purpose of
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0008|     planning, designing, constructing and equipping an auditorium
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0009|     at Piedra Vista high school in Farmington located in San Juan
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0010|     county.  Any unexpended or unencumbered balance remaining at
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0011|     the end of fiscal year 2000 shall revert to the severance tax
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0012|     bonding fund.  If the state department of public education has
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0013|     not certified the need for the issuance of the bonds by the end
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0014|     of fiscal year 1999, the authorization provided in this section
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0015|     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-THIRD LEGISLATURE
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                                  March 20, 1997
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0001|   
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0002|   Mr. President:
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0003|   
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0004|       Your JUDICIARY COMMITTEE, to whom has been referred
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0005|   
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0006|                           HOUSE BILL 453
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0007|   
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0008|   has had it under consideration and reports same with
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0009|   recommendation that it DO PASS.
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0010|   
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0011|                                Respectfully submitted,
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0012|   
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0013|   
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0014|   
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0015|                                
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0016|   __________________________________
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0017|                                Fernando R. Macias, Chairman 
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0018|   
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0019|   
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0020|   
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0021|   Adopted_______________________   Not
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0022|   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|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   The roll call vote was <u> 5 </u> For <u> 1 </u> Against
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0006|   Yes:    5
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0007|           No:     Sanchez
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0008|                Excused:     Tsosie, Vernon
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0009|           Absent: None
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0010|   
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0011|   
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0012|   H0453JU1
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