0001|                            SENATE BILL 246
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          CARROLL H. LEAVELL
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR CARLSBAD MUNICIPAL SCHOOLS IN EDDY
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0013|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0017|     -APPROPRIATION OF PROCEEDS.--
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0018|               A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax
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0020|     Bonding Act in an amount not exceeding one million three
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0021|     hundred eighty thousand dollars ($1,380,000) when the state
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0022|     department of public education certifies the need for the
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0023|     issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     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)  purchase of "Smart Lab 2000" for Carlsbad
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0010|     high school and the necessary renovation to accommodate the
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0011|     laboratory, four hundred thousand dollars ($400,000);
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0012|                    (2)  renovation and remodeling of the Carlsbad
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0013|     high school building to increase cafeteria space to accommodate
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0014|     more than two thousand students, four hundred thousand dollars
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0015|     ($400,000);
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0016|                    (3)  expansion of building and library
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0017|     facilities at Alta Vista middle school, three hundred thousand
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0018|     dollars ($300,000);
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0019|                    (4)  purchase and installation of refrigerated
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0020|     air conditioning units at the Eddy childhood education center,
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0021|     one hundred eighty thousand dollars ($180,000); and
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0022|                    (5)  resurfacing of tennis courts at Carlsbad
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0023|     high school and the P. R. Leyva middle schools, one hundred
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0024|     thousand dollars ($100,000).
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0025|               B.  If the state department of public education has
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0001|     not certified the need for the issuance of the bonds by the end
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0002|     of fiscal year 1999, the authorization provided in this section
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0003|     shall be void.  Any unexpended or unencumbered balance
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0004|     remaining from the proceeds of severance tax bonds issued
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0005|     pursuant to Subsection A of this section at the end of fiscal
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0006|     year 2000 shall revert to the severance tax bonding fund. 
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0007|          Section 2.  EMERGENCY.--It is necessary for the public
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0008|     peace, health and safety that this act take effect immediately.
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0009|                                  
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