0001|                         HOUSE BILL 324
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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|                        JAMES G. TAYLOR
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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 FOR PURCHASING COMPUTER EQUIPMENT FOR
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0014|     CERTAIN PUBLIC SCHOOLS IN THE CITY OF ALBUQUERQUE LOCATED IN
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0015|     BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0016|     EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not exceeding seventy-five thousand dollars
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0023|     ($75,000) when the state department of public education
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary to
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0006|     comply 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)  twenty-five thousand dollars ($25,000) to
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0011|     purchase computer equipment for Ernie Pyle middle school in the
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0012|     city of Albuquerque located in Bernalillo county;
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0013|                 (2)  twenty-five thousand dollars ($25,000) to
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0014|     purchase computer equipment for Harrison middle school in the
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0015|     city of Albuquerque located in Bernalillo county; and
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0016|                 (3)  twenty-five thousand dollars ($25,000) to
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0017|     purchase computer equipment for Polk middle school in the city
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0018|     of Albuquerque located in Bernalillo county.
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0019|            B.  If the state department of public education has
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0020|     not certified the need for the issuance of the bonds by the end
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0021|     of fiscal year 1998, the authorization provided in this section
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0022|     shall be void.  Any unexpended or unencumbered balance remaining
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0023|     from the proceeds of severance tax bonds issued pursuant to
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0024|     Subsection A of this section at the end of fiscal year 1999
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0025|     shall revert to the severance tax bonding fund. 
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0001|       Section 2.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect immediately.
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0003|                              
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