0001| HOUSE BILL 595 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DEBBIE A. RODELLA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CERTAIN CAPITAL PROJECTS FOR CERTAIN | 0014| PUBLIC SCHOOLS IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding nine hundred eighty thousand | 0022| dollars ($980,000) 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 in the following amounts | 0008| for the following purposes: | 0009| (1) two hundred ten thousand dollars ($210,000) | 0010| to purchase and install portable classrooms and equipment for | 0011| Los Ninos kindergarten center in Espanola located in Rio Arriba | 0012| county; | 0013| (2) four hundred thousand dollars ($400,000) to | 0014| roof and make improvements to the Espanola Valley high school | 0015| located in Rio Arriba county in order to comply with the federal | 0016| Americans with Disabilities Act of 1990; and | 0017| (3) three hundred seventy thousand dollars | 0018| ($370,000) to plan, design, construct and equip an addition to | 0019| the Escalante high school gym located in Rio Arriba county. | 0020| B. If the state department of public education has | 0021| not certified the need for the issuance of the bonds by the end | 0022| of fiscal year 1998, the authorization provided in this section | 0023| shall be void. Any unexpended or unencumbered balance remaining | 0024| from the proceeds of severance tax bonds issued pursuant to | 0025| Subsection A of this section at the end of fiscal year 1999 | 0001| shall revert to the severance tax bonding fund. | 0002| Section 2. EMERGENCY.--It is necessary for the public | 0003| peace, health and safety that this act take effect immediately. | 0004|  |