0001|                            HOUSE BILL 29
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                              FRANK BIRD
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO PURCHASE AND INSTALL COMPUTER EQUIPMENT
    |
0013|     AND SOFTWARE FOR A COMPUTER NETWORK SYSTEM AT THE NEW NORTHEAST
    |
0014|     HEIGHTS MIDDLE SCHOOL IN ALBUQUERQUE IN BERNALILLO COUNTY;
    |
0015|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0020|     issue and sell severance tax bonds in compliance with the
    |
0021|     Severance Tax Bonding Act in an amount not exceeding three
    |
0022|     hundred thousand dollars ($300,000) when the state department
    |
0023|     of public education certifies the need for the issuance of the
    |
0024|     bonds.  The state board of finance shall schedule the issuance
    |
0025|     and sale of the bonds in the most expeditious and economical
    |
0001|     manner possible upon a finding by the board that the project
    |
0002|     has been developed sufficiently to justify the issuance and
    |
0003|     that the project can proceed to contract within a reasonable
    |
0004|     time.  The state board of finance shall further take the
    |
0005|     appropriate steps necessary to comply with the Internal Revenue
    |
0006|     Code of 1986, as amended.  The proceeds from the sale of the
    |
0007|     bonds are appropriated to the state department of public
    |
0008|     education for the purpose of purchasing and installing computer
    |
0009|     equipment and software for a network system at the new
    |
0010|     northeast heights middle school in Albuquerque located in
    |
0011|     Bernalillo county.  Any unexpended or unencumbered balance
    |
0012|     remaining at the end of fiscal year 2000 shall revert to the
    |
0013|     severance tax bonding fund.  If the state department of public
    |
0014|     education has not certified the need for the issuance of the
    |
0015|     bonds by the end of fiscal year 1999, the authorization
    |
0016|     provided in this section shall be void.
    |
0017|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0018|     peace, health and safety that this act take effect immediately.
    |
0019|                            - 2 -
    |