0001|                         HOUSE BILL 18
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                         WESLEY L. GRAU
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR AN INTERACTIVE TELEVISION EDUCATIONAL
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0014|     SYSTEM AND GOVERNMENTAL SERVICES PROGRAM FOR CURRY, DE BACA,
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0015|     HARDING, GUADALUPE, QUAY AND UNION COUNTIES; MAKING AN
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0016|     APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding two hundred eighty-six thousand nine hundred dollars ($286,900) when the job
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0022|     training division of the labor department certifies the need for
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0023|     the issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the job
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0007|     training division of the labor department for the purpose of
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0008|     constructing a telecommunications facility in Vaughn in
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0009|     Guadalupe county and for purchasing and installing
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0010|     telecommunications equipment at that facility and in public
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0011|     schools and labor department offices in Curry, De Baca,
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0012|     Guadalupe, Harding, Quay and Union counties.  Any unexpended or
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0013|     unencumbered balance remaining six months after completion of
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0014|     the project shall revert to the severance tax bonding fund.  If
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0015|     the job training division of the labor department has not
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0016|     certified the need for the issuance of the bonds by the end of
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0017|     fiscal year 1999, the authorization provided in this section
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0018|     shall be void.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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