0001|                         HOUSE BILL 705
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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|                     LUCIANO "LUCKY" VARELA
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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 EXTENDED LEARNING PROJECTS THROUGHOUT
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0014|     THE STATE; MAKING APPROPRIATIONS; 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--AUTHORIZATIONS--
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0018|     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 to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance and
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0024|     sale of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     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.  Proceeds from the sale of the bonds are appropriated
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0006|     for the purposes specified in Sections 2 and 3 of this act.
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0007|            B.  The agencies named in Sections 2 and 3 of this
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0008|     act shall certify to the state board of finance when the money
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0009|     from the proceeds of the severance tax bonds authorized in this
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0010|     section is needed for the purposes specified in the applicable
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0011|     section of this act.
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0012|            C.  If the specified agency has not certified the
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0013|     need for the issuance of the bonds by the end of fiscal year
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0014|     1998, the authorization provided in this act shall be void.
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0015|            D.  Unless otherwise specified in this act, any
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0016|     unexpended or unencumbered balance remaining from the proceeds
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0017|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0018|     this act at the end of fiscal year 1999 shall revert to the
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0019|     severance tax bonding fund.
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0020|       Section 2.  SEVERANCE TAX BONDS--COMMISSION ON HIGHER
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0021|     EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of
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0022|     this act, upon certification by the commission on higher
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0023|     education that the need exists for the issuance of the bonds,
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0024|     one million dollars ($1,000,000) is appropriated to the extended
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0025|     learning fund for the purpose of developing and operating
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0001|     extended learning programs throughout the state.    
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0002|       Section 3.  SEVERANCE TAX BONDS--NEW MEXICO HIGHLANDS
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0003|     UNIVERSITY--PURPOSE.--Pursuant to the provisions of Section 1 of
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0004|     this act, upon certification by the board of regents of New
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0005|     Mexico highlands university that the need exists for the
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0006|     issuance of the bonds, seven hundred seventy thousand dollars
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0007|     ($770,000) is appropriated to the board of regents of New Mexico
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0008|     highlands university for the purpose of purchasing video
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0009|     conferencing equipment to enable New Mexico highlands university
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0010|     to develop a regional partnership with Luna vocational-technical
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0011|     institute and six local public schools via video conferencing.
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0012|       Section 4.  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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0015|     
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