0001| SENATE BILL 419
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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| PHIL A. GRIEGO
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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 PECOS INDEPENDENT SCHOOL DISTRICT
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0013| CAPITAL OUTLAY PROJECTS LOCATED IN SAN MIGUEL COUNTY; MAKING AN
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0014| APPROPRIATION; 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--PURPOSES FOR WHICH
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0018| ISSUED--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 exceeding four hundred thirteen
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0022| thousand dollars ($413,000) when the state department of public
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0023| education certifies the need for the issuance of the bonds.
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0024| The state board of finance shall schedule the issuance and sale
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0025| of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time. The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006| amended. The proceeds from the sale of the bonds are
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0007| appropriated to the state department of public education in the
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0008| following amounts for the following purposes:
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0009| (1) two hundred thirty-three thousand dollars
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0010| ($233,000) to design, construct and equip drainage and paving
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0011| improvements for the Pecos independent school district located
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0012| in San Miguel county; and
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0013| (2) one hundred eighty thousand dollars
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0014| ($180,000) to design, construct and equip improvements to the
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0015| high school track and the baseball field for the Pecos
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0016| independent school district located in San Miguel county.
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0017| B. If the state department of public education has
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0018| not certified the need for the issuance of the bonds by the end
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0019| of fiscal year 1999, the authorization provided in this section
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0020| shall be void. Any unexpended or unencumbered balance
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0021| remaining from the proceeds of severance tax bonds issued
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0022| pursuant to Subsection A of this section at the end of fiscal
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0023| year 2000 shall revert to the severance tax bonding fund.
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0024| Section 2. EMERGENCY.--It is necessary for the public
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0025| peace, health and safety that this act take effect immediately.
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