0001| HOUSE BILL 412 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| LUCIANO "LUCKY" VARELA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR HEALTH AND SAFETY IMPROVEMENTS AT THE | 0014| NEW MEXICO SCHOOL FOR THE DEAF; MAKING AN APPROPRIATION; | 0015| DECLARING 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--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding seven hundred twenty-nine | 0022| thousand dollars ($729,000) when the board of regents of the New | 0023| Mexico school for the deaf certifies the need for the issuance | 0024| of the bonds. The state board of finance shall schedule the | 0025| issuance and sale of the bonds in the most expeditious and | 0001| economical manner possible upon a finding by the board that the | 0002| project has been developed sufficiently to justify the issuance | 0003| and that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the board of regents of the New Mexico | 0008| school for the deaf located in Santa Fe county in the following | 0009| amounts for the following purposes: | 0010| (1) five hundred sixty-four thousand dollars | 0011| ($564,000) for health and safety improvements to provide | 0012| handicap access and comply with the federal Americans with | 0013| Disabilities Act of 1990; and | 0014| (2) one hundred sixty-five thousand dollars | 0015| ($165,000) to re-roof and refinish floors in Larson gym. | 0016| B. Any unexpended or unencumbered balance remaining | 0017| at the end of fiscal year 1999 shall revert to the severance tax | 0018| bonding fund. If the board of regents of the New Mexico school | 0019| for the deaf has not certified the need for the issuance of the | 0020| bonds by the end of fiscal year 1998, the authorization provided | 0021| in this section shall be void. | 0022| Section 2. EMERGENCY.--It is necessary for the public | 0023| peace, health and safety that this act take effect immediately. | 0024|  | 0025| |