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