0001|                         HOUSE BILL 214
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                  ROBERTO "BOBBY" J. GONZALES
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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 TO CARRY OUT THE PROVISIONS OF THE PUBLIC
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0014|     SCHOOL CAPITAL IMPROVEMENTS ACT; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding five million seven
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0021|     hundred fifty-one thousand dollars ($5,751,000) when the state
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0022|     department of public education certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     public school capital improvements fund for the purpose of
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0008|     carrying out the provisions of the Public School Capital
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0009|     Improvements Act.  Any unexpended or unencumbered balance
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0010|     remaining at the end of fiscal year 1999 shall revert to the
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0011|     severance tax bonding fund.  If the state department of public
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0012|     education has not certified the need for the issuance of the
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0013|     bonds by the end of fiscal year 1998, the authorization provided
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0014|     in this section shall be void.
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0015|       Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                              
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