0001| HOUSE BILL 228 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| W. C. "DUB" WILLIAMS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO PURCHASE AND UPGRADE COMPUTER EQUIPMENT | 0013| AND PROVIDE COMPUTER TRAINING FOR CAPITAN MUNICIPAL SCHOOLS | 0014| LOCATED IN LINCOLN COUNTY; MAKING AN APPROPRIATION; DECLARING | 0015| 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- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding two | 0022| hundred thousand dollars ($200,000) 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 | 0002| has been developed sufficiently to justify the issuance and | 0003| that the project can proceed to contract within a reasonable | 0004| time. The state board of finance shall further take the | 0005| appropriate steps necessary to comply with the Internal Revenue | 0006| Code of 1986, as amended. The proceeds from the sale of the | 0007| bonds are appropriated to the state department of public | 0008| education for the purpose of purchasing and upgrading computer | 0009| equipment and providing computer training for the Capitan | 0010| municipal schools located in Lincoln county. Any unexpended or | 0011| unencumbered balance remaining at the end of fiscal year 2000 | 0012| shall revert to the severance tax bonding fund. If the state | 0013| department of public education has not certified the need for | 0014| the issuance of the bonds by the end of fiscal year 1999, the | 0015| authorization provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |