0001| HOUSE BILL 826 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RICK MIERA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR EDUCATIONAL TECHNOLOGY IN ALBUQUERQUE | 0013| PUBLIC SCHOOLS IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0018| 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 | 0021| Bonding Act in an amount not exceeding two hundred eight | 0022| thousand dollars ($208,000) when the state department of | 0023| 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 in the following amounts for the following purposes | 0009| in Bernalillo county: | 0010| (1) sixty-eight thousand dollars ($68,000) for | 0011| the acquisition and installation of educational technology at | 0012| Lew Wallace elementary school in Albuquerque; | 0013| (2) seventy thousand dollars ($70,000) for the | 0014| acquisition and installation of educational technology at | 0015| Longfellow school in Albuquerque; and | 0016| (3) seventy thousand dollars ($70,000) for | 0017| telecommunications at the career enrichment center in | 0018| Albuquerque. | 0019| B. If the state department of public education has | 0020| not certified the need for the issuance of the bonds by the end | 0021| of fiscal year 1999, the authorization provided in this section | 0022| shall be void. Any unexpended or unencumbered balance | 0023| remaining from the proceeds of severance tax bonds issued | 0024| pursuant to Subsection A of this section at the end of fiscal | 0025| year 2000 shall revert to the severance tax bonding fund. | 0001| Section 2. EMERGENCY.--It is necessary for the public | 0002| peace, health and safety that this act take effect immediately. | 0003| - 3 - |