0001| HOUSE BILL 494
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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| SAMUEL F. VIGIL
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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 CERTAIN CAPITAL PROJECTS FOR LAS VEGAS
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0014| CITY SCHOOLS NUMBER TWO LOCATED IN SAN MIGUEL COUNTY; MAKING AN
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0015| APPROPRIATION; 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.--
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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 Bonding
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0021| Act in an amount not exceeding two million two hundred seventy-five thousand dollars ($2,275,000) when the state department of
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0022| public education certifies the need for the issuance of the
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0023| bonds. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project has
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0001| been developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the state department of public education in the
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0007| following amounts for the following purposes:
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0008| (1) two hundred fifty thousand dollars
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0009| ($250,000) to equip and complete the interior of the computer
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0010| technology and science building at Robertson high school in Las
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0011| Vegas located in San Miguel county;
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0012| (2) one million three hundred thousand dollars
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0013| ($1,300,000) to plan, design, construct and equip the vocational
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0014| technology education addition to Robertson high school in Las
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0015| Vegas located in San Miguel county;
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0016| (3) seventy-five thousand dollars ($75,000) to
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0017| remodel and make improvements to the all-weather track at
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0018| Robertson high school located in San Miguel county; and
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0019| (4) six hundred fifty thousand dollars
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0020| ($650,000) to construct phase II of the multi-use center at Mike
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0021| "Mateo" Sena elementary school in Las Vegas located in San
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0022| Miguel county.
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0023| B. If the state department of public education has
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0024| not certified the need for the issuance of the bonds by the end
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0025| of fiscal year 1998, the authorization provided in this section
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0001| shall be void. Any unexpended or unencumbered balance remaining
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0002| from the proceeds of severance tax bonds issued pursuant to
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0003| Subsection A of this section at the end of fiscal year 1999
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0004| shall revert to the severance tax bonding fund.
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0005| Section 2. EMERGENCY.--It is necessary for the public
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0006| peace, health and safety that this act take effect immediately.
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0007| - 3 -
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