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|  |