0001| HOUSE BILL 431 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MIMI STEWART | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR VARIOUS CAPITAL PROJECTS IN LEGISLATIVE | 0014| HOUSE DISTRICT 21 IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not exceeding four hundred eighty thousand | 0022| seven hundred fifty dollars ($480,750) when the state department | 0023| of public education certifies the need for the issuance of the | 0024| bonds. The state board of finance shall schedule the issuance | 0025| and sale of the bonds in the most expeditious and economical | 0001| manner possible upon a finding by the board that the project has | 0002| been developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the state department of public education in the | 0008| following amounts for the following purposes: | 0009| (1) one hundred twenty-five thousand dollars | 0010| ($125,000) to provide for a noise and pollution abatement break | 0011| of trees and shrubs between the interstate freeway and the | 0012| school playground and to provide for a grass surface for the | 0013| playground, and water systems for both, at the Tomasita | 0014| elementary school in Albuquerque in Bernalillo county; | 0015| (2) one hundred fifteen thousand seven hundred | 0016| fifty dollars ($115,750) to provide for educational technology | 0017| equipment and programs and their installation at the Grant | 0018| middle school in Albuquerque in Bernalillo county; | 0019| (3) one hundred seventy-five thousand dollars | 0020| ($175,000) to provide for educational technology equipment and | 0021| programs and their installation, including access to the | 0022| internet technology system, at Kennedy middle school in | 0023| Albuquerque in Bernalillo county; | 0024| (4) thirty thousand dollars ($30,000) to | 0025| provide for educational technology equipment and programs and | 0001| their installation at the Eubank elementary school in | 0002| Albuquerque in Bernalillo county; and | 0003| (5) thirty-five thousand dollars ($35,000) to | 0004| provide for educational technology equipment and programs and | 0005| their installation at the Hawthorne elementary school in | 0006| Albuquerque in Bernalillo county. | 0007| B. If the state department of public education has | 0008| not certified the need for the issuance of the bonds by the end | 0009| of fiscal year 1998, the authorization provided in this section | 0010| shall be void. Any unexpended or unencumbered balance remaining | 0011| from the proceeds of severance tax bonds issued pursuant to | 0012| Subsection A of this section at the end of fiscal year 1999 | 0013| shall revert to the severance tax bonding fund. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  | 0017| |