0001| HOUSE BILL 1180 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| J. PAUL TAYLOR | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR INFRASTRUCTURE AND PLAYGROUND | 0013| IMPROVEMENTS AT CLYDE W. TOMBAUGH ELEMENTARY SCHOOL IN LAS | 0014| CRUCES IN DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| 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- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding seventy- | 0022| eight thousand six hundred twenty-eight dollars ($78,628) when | 0023| the state department of public education certifies the need for | 0024| the issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| state department of public education for the purpose of | 0009| designing, constructing and equipping infrastructure and | 0010| playground improvements at the Clyde W. Tombaugh elementary | 0011| school in Las Cruces located in Dona Ana county. Any | 0012| unexpended or unencumbered balance remaining at the end of | 0013| fiscal year 2000 shall revert to the severance tax bonding | 0014| fund. If the state department of public education has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1999, the authorization provided in this section | 0017| shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  |