0001|                        SENATE BILL 401
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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|                       JOHN ARTHUR SMITH
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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 PLAN, DESIGN AND CONSTRUCT ADDITIONAL
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0014|     CLASSROOMS, MULTIPURPOSE ROOMS AND A LIBRARY AND MEDIA CENTER
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0015|     AND CONVERT THE EXISTING LIBRARY AREA TO A SPECIAL EDUCATION
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0016|     ANCILLARY ROOM FOR THE LORDSBURG MUNICIPAL SCHOOLS IN LORDSBURG
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0017|     LOCATED IN HIDALGO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0018|     EMERGENCY.
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0019|     
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0020|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0021|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0022|     and sell severance tax bonds in compliance with the Severance
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0023|     Tax Bonding Act in an amount not exceeding one million two
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0024|     hundred seventeen thousand dollars ($1,217,000) when the state
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0025|     department of public education certifies the need for the
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0001|     issuance of the bonds.  The state board of finance shall
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0002|     schedule the issuance and sale of the bonds in the most
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0003|     expeditious and economical manner possible upon a finding by the
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0004|     board that the project has been developed sufficiently to
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0005|     justify the issuance and that the project can proceed to
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0006|     contract within a reasonable time.  The state board of finance
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0007|     shall further take the appropriate steps necessary to comply
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0008|     with the Internal Revenue Code of 1986, as amended.  The
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0009|     proceeds from the sale of the bonds are appropriated to the
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0010|     state department of public education for the purpose of
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0011|     planning, designing and constructing additional classrooms for
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0012|     use in the developmentally disabled program and kindergarten,
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0013|     multipurpose rooms and a library and media center and conversion
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0014|     of the existing library area to a special education ancillary
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0015|     room for the Lordsburg municipal schools in the city of
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0016|     Lordsburg located in Hidalgo county.  Any unexpended or
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0017|     unencumbered balance remaining at the end of fiscal year 1999
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0018|     shall revert to the severance tax bonding fund.  If the state
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0019|     department of public education has not certified the need for
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0020|     the issuance of the bonds by the end of fiscal year 1998, the
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0021|     authorization provided in this section shall be void.
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0022|       Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                                      
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0025|   
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0001|                    FORTY-SECOND LEGISLATURE
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0002|                      SECOND SESSION, 1996
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0003|   
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0004|   
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0005|                                              JANUARY 27, 1996
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0006|   
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0007|   Mr. President:
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0008|   
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0009|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0010|   
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0011|                           SENATE BILL 401
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0012|   
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0013|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0014|   TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE
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0015|   COMMITTEE.
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0016|   
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0017|                              Respectfully submitted,
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0018|   
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0019|   
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0020|   
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0021|   
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0022|                              __________________________________
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0023|                              SENATOR MANNY M. ARAGON, Chairman 
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0024|   
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0025|   
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0001|   
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0002|   Adopted_______________________ Not Adopted_______________________
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0003|             (Chief Clerk)                        (Chief Clerk)
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0004|   
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0005|   
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0006|                     Date ________________________
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0007|   
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0008|   
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0009|   
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0010|   S0401CC1
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