0001|                         HOUSE BILL 98
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                          GARY K. KING
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR A MULTIPURPOSE CENTER AND EDUCATIONAL
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0014|     TECHNOLOGY FOR THE MORIARTY PUBLIC SCHOOLS IN TORRANCE COUNTY;
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0015|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH 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 Bonding
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0021|     Act in an amount not exceeding two million two hundred fifty
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0022|     thousand dollars ($2,250,000) when the state department of
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0023|     public education certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project has
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0002|     been 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 million dollars ($2,000,000) to design,
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0010|     construct and equip a multipurpose center for the Moriarty
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0011|     public schools in Torrance county; and
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0012|                 (2)  two hundred fifty thousand dollars
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0013|     ($250,000) for educational technology for the Moriarty public
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0014|     schools in Torrance county.
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0015|            B.  If the state department of public education has
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0016|     not certified the need for the issuance of the bonds by the end
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0017|     of fiscal year 1998, the authorization provided in this section
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0018|     shall be void.  Any unexpended or unencumbered balance remaining
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0019|     at the end of fiscal year 1999 shall revert to the severance tax
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0020|     bonding fund.
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0021|       Section 2.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.
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0023|                              
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