0001|                         HOUSE BILL 585
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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|                        EARLENE ROBERTS
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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 FURNISH AND EQUIP A NEW ELEMENTARY SCHOOL
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0014|     IN THE VILLAGE OF LOVINGTON LOCATED IN LEA COUNTY; MAKING AN
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0015|     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 two hundred sixty-four thousand four hundred fifty dollars ($264,450) when the
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0021|     state department of public education certifies the need for the
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0022|     issuance of the bonds.  The state board of finance shall
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0023|     schedule the issuance and sale of the bonds in the most
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0024|     expeditious and economical manner possible upon a finding by the
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0025|     board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     state department of public education for the purpose of
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0007|     furnishing and equipping the new Jefferson elementary school in
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0008|     Lovington located in Lea county.  Any unexpended or unencumbered
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0009|     balance remaining at the end of fiscal year 1999 shall revert to
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0010|     the severance tax bonding fund.  If the state department of
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0011|     public education has not certified the need for the issuance of
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0012|     the bonds by the end of fiscal year 1998, the authorization
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0013|     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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