0001|                            HOUSE BILL 29
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                           Jerry W. Sandel
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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|     AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS FOR PUBLIC
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0012|     SCHOOL CRITICAL CAPITAL OUTLAY PROJECTS PURSUANT TO THE PUBLIC
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0013|     SCHOOL CAPITAL OUTLAY ACT; MAKING AN APPROPRIATION; DECLARING
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0014|     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
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance
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0019|     may issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding four
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0021|     million four hundred thousand dollars ($4,400,000) when the
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0022|     public school capital outlay council certifies the need for
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0023|     the 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|     public school capital outlay fund for allocation to public
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0008|     schools for critical capital outlay projects pursuant to the
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0009|     Public School Capital Outlay Act.  Any unexpended or
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0010|     unencumbered balance remaining at the end of fiscal year 2001
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0011|     shall revert to the severance tax bonding fund.  If the state
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0012|     department of public education has not certified the need for
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0013|     the issuance of the bonds by the end of fiscal year 2000, the
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0014|     authorization provided in this section shall be void.
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect
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0017|     immediately.
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0018|                                  
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0020|     
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0021|     
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0022|     
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0023|                              
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