0001|
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0002| HOUSE BILL 706
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0003| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0004| INTRODUCED BY
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0005| BOBBIE K. MALLORY
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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 FOR CAPITAL PROJECTS IN ROOSEVELT COUNTY;
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0014| MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0018| APPROPRIATION OF PROCEEDS.--
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0019| A. The state board of finance may issue and sell
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0020| severance tax bonds in compliance with the Severance Tax
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0021| Bonding Act in an amount not to exceed the total of the amounts
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0022| authorized for purposes specified in Sections 2 and 3 of this
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0023| act. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project
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0001| has been developed sufficiently to justify the issuance and
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0002| that the project can proceed to contract within a reasonable
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0003| time. The state board of finance shall further take the
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0004| appropriate steps necessary to comply with the Internal Revenue
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0005| Code of 1986, as amended. Proceeds from the sale of the bonds
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0006| are appropriated for the purposes specified in Sections 2 and 3
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0007| of this act.
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0008| B. The agencies named in Sections 2 and 3 of this
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0009| act shall certify to the state board of finance when the money
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0010| from the proceeds of the severance tax bonds authorized in this
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0011| section is needed for the purposes specified in the applicable
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0012| section of this act.
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0013| C. If the specified agency has not certified the
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0014| need for the issuance of the bonds by the end of fiscal year
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0015| 1999, the authorization provided in this act shall be void.
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0016| D. Unless otherwise specified in this act, any
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0017| unexpended or unencumbered balance remaining from the proceeds
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0018| of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019| this act at the end of fiscal year 2000 shall revert to the
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0020| severance tax bonding fund.
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0021| Section 2. SEVERANCE TAX BONDS--STATE DEPARTMENT OF
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0022| PUBLIC EDUCATION--PURPOSES.--Pursuant to the provisions of
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0023| Section 1 of this act, upon certification by the state
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0024| department of public education that the need exists for the
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0025| issuance of the bonds, the following amounts are appropriated
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0001| to the state department of public education for the following
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0002| purposes:
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0003| A. one hundred one thousand six hundred dollars
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0004| ($101,600) for acquisition and installation of educational
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0005| technology for the Floyd municipal schools in Roosevelt county;
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0006| B. two hundred eighteen thousand eight hundred
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0007| dollars ($218,800) for construction of an additional classroom
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0008| building for the Floyd municipal schools in Roosevelt county;
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0009| and
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0010| C. ten thousand nine hundred fifty dollars
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0011| ($10,950) for acquisition and installation of a sprinkler
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0012| system for the baseball field at the Floyd municipal schools in
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0013| Roosevelt county.
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0014| Section 3. SEVERANCE TAX BONDS--STATE AGENCY ON AGING--
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0015| PURPOSES.--Pursuant to the provisions of Section 1 of this act,
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0016| upon certification by the state agency on aging that the need
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0017| exists for the issuance of the bonds, eight thousand eight
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0018| hundred dollars ($8,800) is appropriated to the state agency on
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0019| aging for a new roof for the senior citizen center in the
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0020| village of Floyd located in Roosevelt county.
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0021| Section 4. EMERGENCY.--It is necessary for the public
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0022| peace, health and safety that this act take effect immediately.
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0023|
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