0001| HOUSE BILL 1084 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MIMI STEWART | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS AT ALBUQUERQUE | 0013| 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 four hundred nineteen | 0022| thousand one hundred seventy dollars ($419,170) when the state | 0023| department of public education certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| 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 in the following amounts | 0009| for the following purposes: | 0010| (1) forty-nine thousand five hundred dollars | 0011| ($49,500) for playground improvements, including drainage, site | 0012| preparation and equipment, at Eubank elementary school in | 0013| Albuquerque in Bernalillo county; | 0014| (2) twenty-eight thousand seven hundred ten | 0015| dollars ($28,710) for the acquisition and installation of | 0016| educational computer technology for Hawthorne elementary school | 0017| in Albuquerque in Bernalillo county; | 0018| (3) one hundred thirty-six thousand seven | 0019| hundred ten dollars ($136,710) for site development, including | 0020| designing, equipping, grading and surfacing, of the playground | 0021| at the Tomasita elementary school in Albuquerque in Bernalillo | 0022| county; | 0023| (4) one hundred thousand dollars ($100,000) | 0024| for purchase and installation of educational technology at the | 0025| Kennedy middle school in Albuquerque in Bernalillo county; and | 0001| (5) one hundred four thousand two hundred | 0002| fifty dollars ($104,250) for purchase and installation of | 0003| educational technology at the Grant middle school in | 0004| Albuquerque in Bernalillo county. | 0005| B. If the state department of public education has | 0006| not certified the need for the issuance of the bonds by the end | 0007| of fiscal year 1999, the authorization provided in this section | 0008| shall be void. Any unexpended or unencumbered balance | 0009| remaining from the proceeds of severance tax bonds issued | 0010| pursuant to Subsection A of this section at the end of fiscal | 0011| year 2000 shall revert to the severance tax bonding fund. | 0012| Section 2. EMERGENCY.--It is necessary for the public | 0013| peace, health and safety that this act take effect immediately. | 0014|  |