0001|                           SENATE BILL 601
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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|                          FERNANDO R. MACIAS
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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 IMPROVEMENTS TO THE BALLPARK AT THE LA
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0013|     MESA ELEMENTARY SCHOOL IN DONA ANA 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--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding seventy-
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0021|     five thousand dollars ($75,000) when the state department of
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0022|     public education certifies the need for the issuance of the
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0023|     bonds.  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.  The proceeds from the sale of the
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0006|     bonds are appropriated to the state department of public
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0007|     education for the purpose of making various improvements,
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0008|     including purchase and installation of equipment, for the La
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0009|     Mesa elementary school ballpark in La Mesa located in Dona Ana
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0010|     county.  Any unexpended or unencumbered balance remaining at
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0011|     the end of fiscal year 2000 shall revert to the severance tax
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0012|     bonding fund.  If the state department of public education has
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0013|     not certified the need for the issuance of the bonds by the end
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0014|     of fiscal year 1999, the authorization provided in this section
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0015|     shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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