0001| .                       SENATE BILL 29
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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|                       MICHAEL S. SANCHEZ
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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 VARIOUS PROJECTS OF THE LOS LUNAS SCHOOL
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0014|     DISTRICT IN VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING
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0015|     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 five hundred eighty thousand
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0022|     dollars ($580,000) when the state department of public education
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary to
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0005|     comply with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     state department of public education in the following amounts
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0008|     for the following purposes:
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0009|                 (1)  three hundred fifty thousand dollars
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0010|     ($350,000) to plan, design or construct a five-classroom
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0011|     addition to the Katherine Gallegos school;
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0012|                 (2)  two hundred thousand dollars ($200,000) to
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0013|     renovate and remodel the Peralta school main building; and
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0014|                 (3)  thirty thousand dollars ($30,000) to
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0015|     upgrade the electrical system at the Bosque Farms school.
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0016|            B.  If the state department of education has not
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0017|     certified the need for the issuance of the bonds by the end of
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0018|     fiscal year 1998, the authorization provided in this section
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0019|     shall be void.  Any unexpended or unencumbered balance remaining
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0020|     from the proceeds of severance tax bonds issued pursuant to
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0021|     Subsection A of this section at the end of fiscal year 1999
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0022|     shall revert to the severance tax bonding fund. 
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0023|       Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                      
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0001|   
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0002|                    FORTY-SECOND LEGISLATURE
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0003|                      SECOND SESSION, 1996
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0004|   
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0005|   
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0006|                                              JANUARY 22, 1996
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0007|   
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0008|   Mr. President:
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0009|   
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0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|   
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0012|                           SENATE BILL 29
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0013|   
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0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0016|   COMMITTEE.
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0017|   
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0018|                              Respectfully submitted,
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0019|   
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0020|   
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0021|   
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0022|   
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0023|                              __________________________________
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0024|                              SENATOR MANNY M. ARAGON, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________ Not Adopted_______________________
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0004|             (Chief Clerk)                        (Chief Clerk)
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   
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0011|   S0029CC1
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