0001| SENATE BILL 246 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| CARROLL H. LEAVELL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CARLSBAD MUNICIPAL SCHOOLS IN EDDY | 0013| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0017| -APPROPRIATION OF PROCEEDS.-- | 0018| A. The state board of finance may issue and sell | 0019| severance tax bonds in compliance with the Severance Tax | 0020| Bonding Act in an amount not exceeding one million three | 0021| hundred eighty thousand dollars ($1,380,000) when the state | 0022| department of public education certifies the need for the | 0023| issuance of the bonds. The state board of finance shall | 0024| schedule the issuance and sale of the bonds in the most | 0025| expeditious and economical manner possible upon a finding by | 0001| the board that the project has been developed sufficiently to | 0002| justify the issuance and that the project can proceed to | 0003| contract within a reasonable time. The state board of finance | 0004| shall further take the appropriate steps necessary to comply | 0005| 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) purchase of "Smart Lab 2000" for Carlsbad | 0010| high school and the necessary renovation to accommodate the | 0011| laboratory, four hundred thousand dollars ($400,000); | 0012| (2) renovation and remodeling of the Carlsbad | 0013| high school building to increase cafeteria space to accommodate | 0014| more than two thousand students, four hundred thousand dollars | 0015| ($400,000); | 0016| (3) expansion of building and library | 0017| facilities at Alta Vista middle school, three hundred thousand | 0018| dollars ($300,000); | 0019| (4) purchase and installation of refrigerated | 0020| air conditioning units at the Eddy childhood education center, | 0021| one hundred eighty thousand dollars ($180,000); and | 0022| (5) resurfacing of tennis courts at Carlsbad | 0023| high school and the P. R. Leyva middle schools, one hundred | 0024| thousand dollars ($100,000). | 0025| B. If the state department of public education has | 0001| not certified the need for the issuance of the bonds by the end | 0002| of fiscal year 1999, the authorization provided in this section | 0003| shall be void. Any unexpended or unencumbered balance | 0004| remaining from the proceeds of severance tax bonds issued | 0005| pursuant to Subsection A of this section at the end of fiscal | 0006| year 2000 shall revert to the severance tax bonding fund. | 0007| Section 2. EMERGENCY.--It is necessary for the public | 0008| peace, health and safety that this act take effect immediately. | 0009|  |