0001|                         HOUSE BILL 467
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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|                         MICHAEL OLGUIN
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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 TO DESIGN, CONSTRUCT AND EQUIP A NEW
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0014|     ELEMENTARY SCHOOL FOR SOCORRO CONSOLIDATED SCHOOLS LOCATED IN
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0015|     SOCORRO COUNTY; 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.--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 three million five
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0021|     hundred eighty-one thousand two hundred eleven dollars
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0022|     ($3,581,211) when the state department of public education
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply 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|     state department of public education for the purpose of
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0008|     designing, constructing and equipping a new elementary school
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0009|     for the Socorro consolidated schools located in Socorro county. 
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0010|     Any unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0012|     If the state department of public education has not certified
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0013|     the need for the issuance of the bonds by the end of fiscal year
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0014|     1998, the 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 immediately.
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0017|                            - 2 -
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