0001|                            SENATE BILL 8
    |
0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
    |
0003|                            INTRODUCED BY
    |
0004|                             Gloria Howes
    |
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
    |
<center>- 1 -</center>

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|                              
    |