0001|                        SENATE BILL 507
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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|                        TOM R. BENAVIDES
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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 IMPROVING, EQUIPPING AND LANDSCAPING THE
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0014|     MULTIPURPOSE FIELD, ACQUIRING LEARNING TECHNOLOGY EQUIPMENT AND
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0015|     IMPROVING THE ELECTRICAL SYSTEM AT TRUMAN MIDDLE SCHOOL IN
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0016|     BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0017|     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 two hundred thousand
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0023|     dollars ($200,000) when the state department of public education
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary to
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0006|     comply with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state department of public education for the purpose of making
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0009|     improvements and landscaping the multipurpose field, including
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0010|     acquisition of equipment, acquiring new learning technology
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0011|     equipment and improving the electrical system at the Truman
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0012|     middle school in Albuquerque located in Bernalillo county.  Any
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0013|     unexpended or unencumbered balance remaining at the end of
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0014|     fiscal year 1999 revert to the severance tax bonding fund.  If
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0015|     the state department of public education has not certified the
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0016|     need for the issuance of the bonds by the end of fiscal year
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0017|     1998, the authorization provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                                - 2 -  
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0021|   
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0022|                    FORTY-SECOND LEGISLATURE
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0023|                      SECOND SESSION, 1996
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0024|   
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0025|   
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0001|                                              JANUARY 30, 1996
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0002|   
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0003|   Mr. President:
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0004|   
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0005|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|   
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0007|                           SENATE BILL 507
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0008|   
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0009|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0010|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0011|   COMMITTEE.
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0012|   
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0013|                              Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|   
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0018|                              __________________________________
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0019|                              SENATOR MANNY M. ARAGON, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________ Not Adopted_______________________
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0024|             (Chief Clerk)                        (Chief Clerk)
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0025|   
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0001|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   
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0006|   S0507CC1
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