0001| HOUSE BILL 1100
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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| GARY K. KING
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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 TO PURCHASE LAND, PLAN, DESIGN AND
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0013| CONSTRUCT A NEW MIDDLE SCHOOL IN MORIARTY LOCATED IN TORRANCE
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0014| COUNTY; MAKING AN 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 six
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0021| million dollars ($6,000,000) 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 purchasing land, planning,
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0008| designing and constructing a new middle school in Moriarty
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0009| located in Torrance county. Any unexpended or unencumbered
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0010| balance remaining at the end of fiscal year 2000 shall revert
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0011| to the severance tax bonding fund. If the state department of
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0012| public education has not certified the need for the issuance of
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0013| the bonds by the end of fiscal year 1999, the authorization
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0014| provided 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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