0001| HOUSE BILL 229 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JAMES G. TAYLOR | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO MAKE MODIFICATIONS TO COMPLY WITH THE | 0014| FEDERAL AMERICANS WITH DISABILITIES ACT OF 1990 TO THE | 0015| ALBUQUERQUE TECHNICAL-VOCATIONAL INSTITUTE'S MAIN CAMPUS AND THE | 0016| JOSEPH M. MONTOYA CAMPUS LOCATED IN BERNALILLO COUNTY; MAKING AN | 0017| APPROPRIATION; DECLARING AN EMERGENCY. | 0018| | 0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0020| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0021| and sell severance tax bonds in compliance with the Severance | 0022| Tax Bonding Act in an amount not exceeding one hundred fifty | 0023| thousand dollars ($150,000) when the governing board of the | 0024| Albuquerque technical-vocational institute certifies the need | 0025| for the issuance of the bonds. The state board of finance shall | 0001| schedule the issuance and sale of the bonds in the most | 0002| expeditious and economical manner possible upon a finding by the | 0003| board that the project has been developed sufficiently to | 0004| justify the issuance and that the project can proceed to | 0005| contract within a reasonable time. The state board of finance | 0006| shall further take the appropriate steps necessary to comply | 0007| with the Internal Revenue Code of 1986, as amended. The | 0008| proceeds from the sale of the bonds are appropriated to the | 0009| governing board of the Albuquerque technical-vocational | 0010| institute for the purpose of making modifications to comply with | 0011| the federal Americans with Disabilities Act of 1990 to the | 0012| Albuquerque technical-vocational institute's main campus and the | 0013| Joseph M. Montoya campus located in Bernalillo county. Any | 0014| unexpended or unencumbered balance remaining at the end of | 0015| fiscal year 1999 shall revert to the severance tax bonding fund. | 0016| If the governing board of the Albuquerque technical-vocational | 0017| institute has not certified the need for the issuance of the | 0018| bonds by the end of fiscal year 1998, the authorization provided | 0019| in this section shall be void. | 0020| Section 2. EMERGENCY.--It is necessary for the public | 0021| peace, health and safety that this act take effect immediately. | 0022|  |