0001| HOUSE BILL 618
|
0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0003| INTRODUCED BY
|
0004| DEBBIE A. RODELLA
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0012| SEVERANCE TAX BONDS FOR DISTRICT-WIDE LIBRARY UPGRADES AND
|
0013| IMPROVEMENTS FOR THE MESA VISTA CONSOLIDATED SCHOOL DISTRICT
|
0014| LOCATED IN RIO ARRIBA AND TAOS COUNTIES; MAKING AN
|
0015| APPROPRIATION; 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-
|
0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may
|
0020| issue and sell severance tax bonds in compliance with the
|
0021| Severance Tax Bonding Act in an amount not exceeding one
|
0022| hundred twenty-five thousand dollars ($125,000) when the state
|
0023| department of public education certifies the need for the
|
0024| issuance of the bonds. The state board of finance shall
|
0025| schedule the issuance and sale of the bonds in the most
|
0001| expeditious and economical manner possible upon a finding by
|
0002| the board that the project has been developed sufficiently to
|
0003| justify the issuance and that the project can proceed to
|
0004| contract within a reasonable time. The state board of finance
|
0005| shall further take the appropriate steps necessary to comply
|
0006| with the Internal Revenue Code of 1986, as amended. The
|
0007| proceeds from the sale of the bonds are appropriated to the
|
0008| state department of public education for the purpose of
|
0009| designing, constructing, purchasing, equipping or installing
|
0010| library improvements and upgrades for the Mesa Vista
|
0011| consolidated school district located in Rio Arriba and Taos
|
0012| counties. Any unexpended or unencumbered balance remaining at
|
0013| the end of fiscal year 2000 shall revert to the severance tax
|
0014| bonding fund. If the state department of public education has
|
0015| not certified the need for the issuance of the bonds by the end
|
0016| of fiscal year 1999, the authorization provided in this section
|
0017| shall be void.
|
0018| Section 2. EMERGENCY.--It is necessary for the public
|
0019| peace, health and safety that this act take effect immediately.
|
0020|
|