0001|                            HOUSE BILL 423
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                         W. C. "DUB" WILLIAMS
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR THE PURCHASE OF EQUIPMENT AND THE
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0013|     DESIGN, CONSTRUCTION AND EQUIPMENT FOR GYMNASIUM FACILITIES FOR
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0014|     CORONA PUBLIC SCHOOLS IN LINCOLN 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-
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0019|     -APPROPRIATION OF PROCEEDS.--
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0020|               A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax
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0022|     Bonding Act in an amount not exceeding four hundred thirty-
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0023|     three thousand four hundred fifty dollars ($433,450) when the
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0024|     state department of public education certifies the need for the
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0025|     issuance of the bonds.  The state board of finance shall
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0001|     schedule the issuance and sale of the bonds in the most
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0002|     expeditious and economical manner possible upon a finding by
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0003|     the board that the project has been developed sufficiently to
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0004|     justify the issuance and that the project can proceed to
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0005|     contract within a reasonable time.  The state board of finance
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0006|     shall further take the appropriate steps necessary to comply
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0007|     with the Internal Revenue Code of 1986, as amended.  The
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0008|     proceeds from the sale of the bonds are appropriated to the
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0009|     state department of public education in the following amounts
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0010|     for the following purposes for the Corona public schools in
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0011|     Lincoln county:
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0012|                    (1)  five thousand dollars ($5,000) for the
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0013|     purchase and installation of a satellite system, including a
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0014|     receiver, tracker unit and television;
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0015|                    (2)  twenty-five thousand seven hundred fifty
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0016|     dollars ($25,750) for the purchase of an automobile for
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0017|     activity use; and
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0018|                    (3)  four hundred two thousand seven hundred
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0019|     dollars ($402,700) for the design and construction of a
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0020|     gymnasium, with shower and locker room facilities.
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0021|               B.  If the state department of public education has
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0022|     not certified the need for the issuance of the bonds by the end
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0023|     of fiscal year 1999, the authorization provided in this section
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0024|     shall be void.  Any unexpended or unencumbered balance
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0025|     remaining from the proceeds of severance tax bonds issued
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0001|     pursuant to Subsection A of this section at the end of fiscal
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0002|     year 2000 shall revert to the severance tax bonding fund. 
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0003|          Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately.
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0005|                              
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