0001|                         HOUSE BILL 668
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                      RICHARD RAY SANCHEZ
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT A COMPUTER LAB
    |
0014|     FACILITY AND PURCHASE COMPUTERS AND RELATED EQUIPMENT FOR
    |
0015|     MULTIPLE PUBLIC SCHOOLS IN THE CITY OF ALBUQUERQUE LOCATED IN
    |
0016|     BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0017|     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 two hundred sixteen
    |
0023|     thousand dollars ($216,000) when the state department of public
    |
0024|     education certifies the need for the issuance of the bonds.  The
    |
0025|     state board of finance shall schedule the issuance and sale of
    |
0001|     the bonds in the most expeditious and economical manner possible
    |
0002|     upon a finding by the board that the project has been developed
    |
0003|     sufficiently to justify the issuance and that the project can
    |
0004|     proceed to contract within a reasonable time.  The state board
    |
0005|     of finance shall further take the appropriate steps necessary to
    |
0006|     comply with the Internal Revenue Code of 1986, as amended.  The
    |
0007|     proceeds from the sale of the bonds are appropriated to the
    |
0008|     state department of public education for the purpose of
    |
0009|     planning, designing and constructing a computer lab facility and
    |
0010|     purchasing computers and related equipment for use by Washington
    |
0011|     middle school, Dolores Gonzales elementary school, Armijo
    |
0012|     elementary school, Lowell elementary school, Eugene Field
    |
0013|     elementary school and Valley Vista elementary school in the city
    |
0014|     of Albuquerque located in Bernalillo county.  Any unexpended or
    |
0015|     unencumbered balance remaining at the end of fiscal year 1999
    |
0016|     shall revert to the severance tax bonding fund.  If the state
    |
0017|     department of public education has not certified the need for
    |
0018|     the issuance of the bonds by the end of fiscal year 1998, the
    |
0019|     authorization provided 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|                              
    |
0023|     
    |