0001|                           SENATE BILL 1187
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                           RAMSAY L. GORHAM
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR THE ACQUISITION AND INSTALLATION OF
    |
0013|     EDUCATIONAL TECHNOLOGY FOR ROSS ELEMENTARY SCHOOL IN BERNALILLO
    |
0014|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding fifty
    |
0021|     thousand dollars ($50,000) when the state department of public
    |
0022|     education certifies the need for the issuance of the bonds. 
    |
0023|     The state board of finance shall schedule the issuance and sale
    |
0024|     of the bonds in the most expeditious and economical manner
    |
0025|     possible upon a finding by the board that the project has been
    |
0001|     developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the state department of public education for
    |
0007|     the purpose of acquiring and installing educational technology
    |
0008|     for Ross elementary school located in Bernalillo county.  Any
    |
0009|     unexpended or unencumbered balance remaining at the end of
    |
0010|     fiscal year 2000 shall revert to the severance tax bonding
    |
0011|     fund.  If the state department of public education has not
    |
0012|     certified the need for the issuance of the bonds by the end of
    |
0013|     fiscal year 1999, the authorization provided in this section
    |
0014|     shall be void.
    |
0015|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0016|     peace, health and safety that this act take effect immediately.
    |
0017|                                  
    |