0001|                         HOUSE BILL 142
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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|                         JOSE R. ABEYTA
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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 VARIOUS RENOVATION PROJECTS IN THE RATON
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0014|     PUBLIC SCHOOLS IN COLFAX COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH 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 Bonding
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0021|     Act in an amount not exceeding five million six thousand two
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0022|     hundred dollars ($5,006,200) when the state department of public
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0023|     education certifies the need for the issuance of the bonds.  The
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0024|     state board of finance shall schedule the issuance and sale of
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0025|     the bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply 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
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0007|     state department of public education for use in various building
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0008|     projects of the Raton independent school district in Colfax
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0009|     county in the following amounts for the following purposes:
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0010|                 (1)  six hundred eighty-two thousand four
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0011|     hundred thirty-two dollars ($682,432) to repair, renovate and
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0012|     make improvements to various buildings' mechanical operations
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0013|     and equipment;
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0014|                 (2)  eight hundred six thousand nine hundred
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0015|     seventy dollars ($806,970) to repair, renovate and improve the
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0016|     various buildings' electrical operations and equipment;
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0017|                 (3)  three hundred seventeen thousand two
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0018|     hundred ninety dollars ($317,290) to repair, renovate, redesign
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0019|     and improve ceilings and lighting of various school buildings; 
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0020|                 (4)  one million eight hundred fifty-five
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0021|     thousand four hundred fifty dollars ($1,855,450) for structural
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0022|     renovation and reroofing and for remodeling necessary for
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0023|     compliance with the federal Americans with Disabilities Act of
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0024|     1990 in various school buildings; and
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0025|                 (5)  one million three hundred forty-four
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0001|     thousand dollars ($1,344,000) to plan, design, construct,
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0002|     furnish or equip, including site improvements, various school
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0003|     buildings for additional classroom and laboratory space.
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0004|            B.  If the state department of public education has
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0005|     not certified the need for the issuance of the bonds by the end
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0006|     of fiscal year 1998, the authorization provided in this section
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0007|     shall be void.  Any unexpended or unencumbered balance remaining
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0008|     from the proceeds of severance tax bonds issued pursuant to
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0009|     Subsection A of this section at the end of fiscal year 1999
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0010|     shall revert to the severance tax bonding fund. 
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0011|       Section 2.  EMERGENCY.--It is necessary for the public
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0012|     peace, health and safety that this act take effect immediately.
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0013|                              
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0014|     
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