0001| HOUSE BILL 757
|
0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0003| INTRODUCED BY
|
0004| DANICE PICRAUX
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0012| SEVERANCE TAX BONDS FOR IMPROVEMENTS TO HODGIN ELEMENTARY
|
0013| SCHOOL IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN
|
0014| APPROPRIATION; DECLARING AN EMERGENCY.
|
0015|
|
0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
|
0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may
|
0019| issue and sell severance tax bonds in compliance with the
|
0020| Severance Tax Bonding Act in an amount not exceeding six
|
0021| hundred eight thousand five hundred twenty dollars
|
0022| ($608,520) when the state department of public education
|
0023| certifies the need for the issuance of the bonds. The state
|
0024| board of finance shall schedule the issuance and sale of the
|
0025| bonds in the most expeditious and economical manner possible
|
0001| upon a finding by the board that the project has been developed
|
0002| sufficiently to justify the issuance and that the project can
|
0003| proceed to contract within a reasonable time. The state board
|
0004| of finance shall further take the appropriate steps necessary
|
0005| to comply with the Internal Revenue Code of 1986, as amended.
|
0006| The proceeds from the sale of the bonds are appropriated to the
|
0007| state department of public education for the purpose of
|
0008| purchasing and installing new playground equipment and
|
0009| purchasing, installing and making repairs to the Hodgin
|
0010| elementary school's heating, cooling and ventilation systems
|
0011| located in Albuquerque in Bernalillo county. Any unexpended or
|
0012| unencumbered balance remaining at the end of fiscal year 2000
|
0013| shall revert to the severance tax bonding fund. If the state
|
0014| department of public education has not certified the need for
|
0015| the issuance of the bonds by the end of fiscal year 1999, the
|
0016| authorization provided in this section shall be void.
|
0017| Section 2. EMERGENCY.--It is necessary for the public
|
0018| peace, health and safety that this act take effect immediately.
|
0019|
|