0001| SENATE BILL 620 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JOHN ARHTUR SMITH | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR AN ADDITION TO R.V. TRAYLOR ELEMENTARY | 0013| SCHOOL IN LORDSBURG IN HIDALGO 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.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding eight | 0021| hundred thousand four hundred dollars ($800,400) when the state | 0022| department of public education certifies the need for the | 0023| issuance of the bonds. The state board of finance shall | 0024| schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by | 0001| the board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| state department of public education for the purpose of | 0008| constructing, equipping and furnishing a library-media center | 0009| addition to R.V. Traylor elementary school located in Hidalgo | 0010| county. Any unexpended or unencumbered balance remaining at | 0011| the end of fiscal year 2000 shall revert to the severance tax | 0012| bonding fund. If the state department of public education has | 0013| not certified the need for the issuance of the bonds by the end | 0014| of fiscal year 1999, the authorization provided in this section | 0015| shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |