0001|                           SENATE BILL 580
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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|                            PHIL A. GRIEGO
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0005|     
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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 COMPLETE PHASE ONE OF THE DESIGN AND
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0013|     CONSTRUCTION OF A MULTIPURPOSE AUDITORIUM FOR THE MORIARTY
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0014|     PUBLIC SCHOOLS IN TORRANCE COUNTY; 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-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding sixty
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0022|     thousand dollars ($60,000) when the state department of public
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0023|     education certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state department of public education for
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0008|     the purpose of completing phase one of the design and
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0009|     construction of a multipurpose auditorium for the Moriarty
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0010|     municipal school district located in Torrance county.  Any
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0011|     unexpended or unencumbered balance remaining at the end of
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0012|     fiscal year 2000 shall revert to the severance tax bonding
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0013|     fund.  If the state department of public education has not
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0014|     certified the need for the issuance of the bonds by the end of
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0015|     fiscal year 1999, the authorization provided in this section
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0016|     shall be void.
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                                    
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0020|   
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0021|                      FORTY-THIRD LEGISLATURE           SB 580/a
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                               February 18, 1997
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0001|   
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0002|   Mr. President:
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0003|   
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0004|       Your CONSERVATION COMMITTEE, to whom has been referred
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0005|   
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0006|                          SENATE BILL 580
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0007|   
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0008|   has had it under consideration and reports same with
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0009|   recommendation that it DO PASS, amended as follows:
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0010|   
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0011|       1.  On page 1, lines 21 and 22, strike "sixty thousand
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0012|   dollars ($60,000)" and insert in lieu thereof "six hundred
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0013|   thousand dollars ($600,000)",
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0014|   
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0015|   and thence referred to the FINANCE COMMITTEE. 
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0016|                
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0017|                                Respectfully submitted,
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0018|   
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0019|   
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0020|                                
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0021|   __________________________________
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0022|                                Michael S. Sanchez, Chairman 
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0023|   
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0024|   
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0025|   
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0001|   Adopted_______________________   Not
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0002|   Adopted_______________________
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0003|             (Chief Clerk)                          (Chief Clerk)
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0004|   
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0005|   
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0006|                     Date ________________________
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0007|   
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0008|   
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0009|   The roll call vote was <u> 4 </u> For <u> 2 </u> Against
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0010|           Yes:    4
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0011|           No:     Davis, Payne
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0012|                Excused:     Kysar, Lyons, Macias, Sanchez
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0013|           Absent: None
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0014|   
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0015|   S0580C01
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0016|   
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0017|   
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