0001| HOUSE BILL 26 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998 | 0003| INTRODUCED BY | 0004| Leo C. Watchman, Jr. | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR PHASE TWO CONSTRUCTION OF ZUNI HIGH | 0013| SCHOOL IN MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING | 0014| 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 | 0018| ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance | 0019| may issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding five | 0021| million dollars ($5,000,000) when the state department of | 0022| 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 | - 1 - 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 | 0005| Revenue Code of 1986, as amended. The proceeds from the sale | 0006| of the bonds are appropriated to the state department of | 0007| public education for phase two of three phases of construction | 0008| for a high school in the Zuni school district located in | 0009| McKinley county. Any unexpended or unencumbered balance | 0010| remaining at the end of fiscal year 2001 shall revert to the | 0011| severance tax bonding fund. If the state department of public | 0012| education has not certified the need for the issuance of the | 0013| bonds by the end of fiscal year 2000, the authorization | 0014| 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 | 0017| immediately. | 0018|  |