0001|                            HOUSE BILL 449
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                       JUDY VANDERSTAR RUSSELL
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR COMPLETION OF AN ELEMENTARY SCHOOL IN
    |
0013|     RIO RANCHO IN SANDOVAL COUNTY; MAKING AN APPROPRIATION;
    |
0014|     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 two
    |
0021|     million five hundred thousand dollars ($2,500,000) when the
    |
0022|     state department of public education certifies the need for the
    |
0023|     issuance of the bonds.  The state board of finance shall
    |
0024|     schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by
    |
0001|     the board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     state department of public education for the purpose of
    |
0008|     completing an elementary school to serve Northern Meadows and
    |
0009|     Enchanted Hills subdivisions in the city of Rio Rancho located
    |
0010|     in Sandoval county.  Any unexpended or unencumbered balance
    |
0011|     remaining at the end of fiscal year 2000 shall revert to the
    |
0012|     severance tax bonding fund.  If the state department of public
    |
0013|     education has not certified the need for the issuance of the
    |
0014|     bonds by the end of fiscal year 1999, the authorization
    |
0015|     provided in this section shall be void.
    |
0016|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |