0001|                            HOUSE BILL 26
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                         Leo C. Watchman, Jr.
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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 FOR PHASE TWO CONSTRUCTION OF ZUNI HIGH
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0013|     SCHOOL IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014|     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
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance
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0019|     may issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding five
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0021|     million dollars ($5,000,000) 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
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0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0006|     of the bonds are appropriated to the state department of
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0007|     public education for phase two of three phases of construction
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0008|     for a high school in the Zuni school district located in
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0009|     McKinley county.  Any unexpended or unencumbered balance
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0010|     remaining at the end of fiscal year 2001 shall revert to the
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0011|     severance tax bonding fund.  If the state department of public
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0012|     education  has not certified the need for the issuance of the
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0013|     bonds by the end of fiscal year 2000, 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
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0017|     immediately.
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0018|                              
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