0001|                           SENATE BILL 419
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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|                            PHIL A. GRIEGO
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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 PECOS INDEPENDENT SCHOOL DISTRICT
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0013|     CAPITAL OUTLAY PROJECTS LOCATED IN SAN MIGUEL COUNTY; MAKING AN
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0014|     APPROPRIATION; 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--PURPOSES FOR WHICH
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding four hundred thirteen
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0022|     thousand dollars ($413,000) when the state department of public
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0023|     education certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state department of public education in the
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0008|     following amounts for the following purposes:
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0009|                    (1)  two hundred thirty-three thousand dollars
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0010|     ($233,000) to design, construct and equip drainage and paving
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0011|     improvements for the Pecos independent school district located
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0012|     in San Miguel county; and
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0013|                    (2)  one hundred eighty thousand dollars
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0014|     ($180,000) to design, construct and equip improvements to the
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0015|     high school track and the baseball field for the Pecos
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0016|     independent school district located in San Miguel county.
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0017|               B.  If the state department of public education has
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0018|     not certified the need for the issuance of the bonds by the end
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0019|     of fiscal year 1999, the authorization provided in this section
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0020|     shall be void.  Any unexpended or unencumbered balance
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0021|     remaining from the proceeds of severance tax bonds issued
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0022|     pursuant to Subsection A of this section at the end of fiscal
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0023|     year 2000 shall revert to the severance tax bonding fund. 
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0024|          Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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