0001| SENATE BILL 702 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| DEDE FELDMAN | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO BUILD A MULTIPURPOSE FACILITY AT THE LA | 0013| LUZ ELEMENTARY SCHOOL 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 four | 0021| hundred thousand dollars ($400,000) when the state department | 0022| of public education certifies the need for the issuance of the | 0023| bonds. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. The proceeds from the sale of the | 0006| bonds are appropriated to the state department of public | 0007| education for the purpose of designing, constructing, | 0008| furnishing and equipping a new multipurpose facility for La Luz | 0009| elementary school located in Bernalillo county. Any unexpended | 0010| or unencumbered balance remaining at the end of fiscal year | 0011| 2000 shall revert to the severance tax bonding fund. If the | 0012| state department of public education has not certified the need | 0013| for the issuance of the bonds by the end of fiscal year 1999, | 0014| the authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |