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