0001| HOUSE BILL 500 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JOSE R. ABEYTA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR THE MORA INDEPENDENT SCHOOL DISTRICT IN | 0014| MORA COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0018| and sell severance tax bonds in compliance with the Severance | 0019| Tax Bonding Act in an amount not exceeding two hundred twenty | 0020| thousand dollars ($220,000) when the state department of public | 0021| education certifies the need for the issuance of the bonds. The | 0022| state board of finance shall schedule the issuance and sale of | 0023| the bonds in the most expeditious and economical manner possible | 0024| upon a finding by the board that the project has been developed | 0025| sufficiently to justify the issuance and that the project can | 0001| proceed to contract within a reasonable time. The state board | 0002| of finance shall further take the appropriate steps necessary to | 0003| comply with the Internal Revenue Code of 1986, as amended. The | 0004| proceeds from the sale of the bonds are appropriated to the | 0005| state department of public education for the purpose of | 0006| renovating and making improvements to the water system of the | 0007| Mora independent schools campus located in Mora county. Any | 0008| unexpended or unencumbered balance remaining at the end of | 0009| fiscal year 1999 shall revert to the severance tax bonding fund. | 0010| If the state department of public education has not certified | 0011| the need for the issuance of the bonds by the end of fiscal year | 0012| 1998, the authorization provided in this section shall be void. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015|  |