0001|                            HOUSE BILL 601
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          WILLIAM E. PORTER
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR HATCH VALLEY MUNICIPAL SCHOOLS CAPITAL
    |
0013|     OUTLAY PROJECTS IN DONA ANA 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 five hundred thousand
    |
0022|     dollars ($500,000) when the state department of public
    |
0023|     education certifies the need for the issuance of the bonds. 
    |
0024|     The state board of finance shall schedule the issuance and sale
    |
0025|     of the bonds in the most expeditious and economical manner
    |
0001|     possible upon a finding by the board that the project has been
    |
0002|     developed sufficiently to justify the issuance and that the
    |
0003|     project can proceed to contract within a reasonable time.  The
    |
0004|     state board of finance shall further take the appropriate steps
    |
0005|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0006|     amended.  The proceeds from the sale of the bonds are
    |
0007|     appropriated to the state department of public education in the
    |
0008|     following amounts for the following purposes:
    |
0009|                    (1)  three hundred thousand dollars ($300,000)
    |
0010|     to design, construct and equip a bus loading and parking area
    |
0011|     for the Rio Grande elementary school located in Dona Ana
    |
0012|     county; and
    |
0013|                    (2)  two hundred thousand dollars ($200,000) to
    |
0014|     complete the design, construction and equipping of a track at
    |
0015|     the Hatch Valley middle school located in Dona Ana county.
    |
0016|               B.  If the state department of public education has
    |
0017|     not certified the need for the issuance of the bonds by the end
    |
0018|     of fiscal year 1999, the authorization provided in this section
    |
0019|     shall be void.  Any unexpended or unencumbered balance
    |
0020|     remaining from the proceeds of severance tax bonds issued
    |
0021|     pursuant to Subsection A of this section at the end of fiscal
    |
0022|     year 2000 shall revert to the severance tax bonding fund. 
    |
0023|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0024|     peace, health and safety that this act take effect immediately.
    |
0025|                              
    |