0001|                            SENATE BILL 79
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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|                             Cynthia Nava
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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 THE GADSDEN SCHOOL DISTRICT LOCATED IN
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0013|     DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding three million six
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0022|     hundred fifty thousand dollars ($3,650,000) when the state
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0023|     department of public education certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state department of public education in the following amounts
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0009|     for the following purposes:
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0010|                    (1) two million four hundred thousand dollars
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0011|     ($2,400,000) to plan, design, construct, equip and furnish an
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0012|     addition at La Union elementary school; 
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0013|                    (2) one million dollars ($1,000,000) to plan,
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0014|     design, construct, equip and furnish an addition at Santa
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0015|     Teresa high school; and
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0016|                    (3) two hundred fifty thousand dollars
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0017|     ($250,000) to renovate the swimming pool at Gadsden high
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0018|     school.
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0019|               B.  If the state department of public education has
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0020|     not certified the need for the issuance of the bonds by the
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0021|     end of fiscal year 2000, the authorization provided in this
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0022|     section shall be void.  Any unexpended or unencumbered balance
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0023|     remaining from the proceeds of severance tax bonds issued
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0024|     pursuant to Subsection A of this section at the end of fiscal
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0025|     year 2001 shall revert to the severance tax bonding fund. 
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0001|          Section 2.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect
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0003|     immediately.
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0004|                              
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