0001|                         HOUSE BILL 447
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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|                        NICK L. SALAZAR
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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 REBUILDING PECOS ELEMENTARY SCHOOL IN
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0014|     PECOS IN SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING
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0015|     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.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding four million fifty-five thousand dollars ($4,055,000) when the state department of
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0021|     public education certifies the need for the issuance of the
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0022|     bonds.  The state board of finance shall schedule the issuance
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0023|     and sale of the bonds in the most expeditious and economical
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0024|     manner possible upon a finding by the board that the project has
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0025|     been developed sufficiently to justify the issuance and that the
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0001|     project can proceed to contract within a reasonable time.  The
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0002|     state board of finance shall further take the appropriate steps
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0003|     necessary to comply with the Internal Revenue Code of 1986, as
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0004|     amended.  The proceeds from the sale of the bonds are
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0005|     appropriated to the state department of public education for the
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0006|     purpose of rebuilding administrative, library and computer
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0007|     facilities, including twenty-four classrooms, at the Pecos
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0008|     elementary school located in San Miguel county.  Any unexpended
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0009|     or unencumbered balance remaining at the end of fiscal year 1999
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0010|     shall revert to the severance tax bonding fund.  If the state
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0011|     department of public education has not certified the need for
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0012|     the issuance of the bonds by the end of fiscal year 1998, the
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0013|     authorization provided in this section shall be void.
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0014|       Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                              
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