0001| HOUSE BILL 317 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JAMES G. TAYLOR | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PURCHASE PLAYGROUND EQUIPMENT FOR | 0014| BARCELONA ELEMENTARY SCHOOL IN THE CITY OF ALBUQUERQUE LOCATED | 0015| IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding thirty-five thousand | 0022| dollars ($35,000) when the state department of public education | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply 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| purchasing playground equipment for Barcelona elementary school | 0009| in the city of Albuquerque located in Bernalillo county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 1999 shall revert to the severance tax bonding fund. | 0012| If the state department of public education has not certified | 0013| the need for the issuance of the bonds by the end of fiscal year | 0014| 1998, the authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  | 0018| |