0001|                         HOUSE BILL 150
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        JERRY LEE ALWIN
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO PURCHASE COMPUTERS FOR ROOSEVELT MIDDLE
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0014|     SCHOOL LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding ninety-five thousand
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0021|     dollars ($95,000) when the state department of public education
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0022|     certifies the need for the issuance of the bonds.  The state
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0023|     board of finance shall schedule the issuance and sale of the
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0024|     bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary to
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0004|     comply with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     state department of public education for the purpose of
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0007|     purchasing computers for Roosevelt middle school located in
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0008|     Bernalillo county.  Any unexpended or unencumbered balance
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0009|     remaining at the end of fiscal year 1999 shall revert to the
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0010|     severance tax bonding fund.  If the state department of public
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0011|     education has not certified the need for the issuance of the
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0012|     bonds by the end of fiscal year 1998, the authorization provided
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0013|     in this section shall be void.
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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|                                - 2 -                     State of New Mexico
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0017|                    House of Representatives
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0018|   
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0019|                    FORTY-SECOND LEGISLATURE
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0020|                      SECOND SESSION, 1996
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0021|   
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0022|   
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0023|                                              January 29, 1996
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0024|   
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0025|   
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0001|   Mr. Speaker:
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0002|   
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0003|       Your TAXATION AND REVENUE COMMITTEE, to whom has
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0004|   been referred
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0005|   
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0006|                         HOUSE BILL 150
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0007|                                
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0008|                                 has had it under consideration and reports same with
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0009|   recommendation that it DO PASS, and thence referred to the
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0010|   APPROPRIATIONS AND FINANCE COMMITTEE.
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0011|   
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0012|                                Respectfully submitted,
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0013|   
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0014|   
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0015|   
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0016|                                <u>                                 
</u>    |
<u></u>0017| <u>  </u>                            Jerry W. Sandel, Chairman
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0018|   
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0019|   
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0020|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0021| <u>  </u>
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0022|            (Chief Clerk)                       (Chief Clerk)
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0023|   
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0024|                      Date <u>            </u>
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0025|   
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0001|   The roll call vote was<u> 12 </u> For<u> 0 </u> Against
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0002|   Yes:          12
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0003|   Excused: Gallegos
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0004|   Absent:  None
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0005|   
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0006|   
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0007|   
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0008|   H0150TR1
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