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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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 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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0014|                                  
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