0001|                            HOUSE BILL 854
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              BEN LUJAN
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR POJOAQUE VALLEY SCHOOLS CAPITAL OUTLAY
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0013|     PROJECTS IN SANTA FE COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014|     AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding five million four
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0022|     hundred thousand dollars ($5,400,000) when the state department
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0023|     of public education certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the state department of public
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0008|     education in the following amounts for the following purposes:
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0009|                    (1)  four million five hundred thousand dollars
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0010|     ($4,500,000) to continue the design, construction, furnishing
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0011|     or equipping of Pojoaque high school in Santa Fe county;
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0012|                    (2)  two hundred fifty thousand dollars
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0013|     ($250,000) to acquire frontage road property at Jacona
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0014|     elementary school in Santa Fe county;
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0015|                    (3)  two hundred thousand dollars ($200,000) to
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0016|     complete the design, construction and equipping of the track
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0017|     and football complex, including lighting, bleachers, a pressbox
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0018|     and general landscaping, for the Pojoaque Valley schools in
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0019|     Santa Fe county;
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0020|                    (4)  one hundred thousand dollars ($100,000) to
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0021|     design and construct a second entry road to the campus of
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0022|     Jacona elementary school in Santa Fe county;
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0023|                    (5)  fifty thousand dollars ($50,000) to
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0024|     design, construct or equip a third septic holding pond at
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0025|     Jacona elementary school in Santa Fe county;
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0001|                    (6)  fifty thousand dollars ($50,000) to
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0002|     design, construct, furnish and equip a new central office for
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0003|     the Pojoaque Valley schools in Santa Fe county; and
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0004|                    (7)  two hundred fifty thousand dollars
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0005|     ($250,000) to design, purchase or equip technology upgrades for
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0006|     all schools of the Pojoaque Valley schools in Santa Fe county.
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0007|               B.  If the state department of public education has
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0008|     not certified the need for the issuance of the bonds by the end
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0009|     of fiscal year 1999, the authorization provided in this section
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0010|     shall be void.  Any unexpended or unencumbered balance
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0011|     remaining from the proceeds of severance tax bonds issued
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0012|     pursuant to Subsection A of this section at the end of fiscal
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0013|     year 2000 shall revert to the severance tax bonding fund. 
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0014|          Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                  
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