0001|                           SENATE BILL 410
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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|                           MANNY M. ARAGON
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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 THE RENOVATION OF ALBUQUERQUE
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0013|     TECHNICAL-VOCATIONAL INSTITUTE'S SOUTH VALLEY FACILITIES
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0014|     LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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0015|     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-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding one
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0022|     million seven hundred thousand dollars ($1,700,000) when the
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0023|     governing board of the Albuquerque technical-vocational
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0024|     institute certifies the need for the issuance of the bonds. 
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0025|     The state board of finance shall schedule the issuance and sale
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0001|     of the bonds in the most expeditious and economical manner
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0002|     possible upon a finding by the board that the project has been
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0003|     developed sufficiently to justify the issuance and that the
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0004|     project can proceed to contract within a reasonable time.  The
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0005|     state board of finance shall further take the appropriate steps
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0006|     necessary to comply with the Internal Revenue Code of 1986, as
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0007|     amended.  The proceeds from the sale of the bonds are
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0008|     appropriated to the governing board of the Albuquerque
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0009|     technical-vocational institute for the purpose of renovating
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0010|     Albuquerque technical-vocational institute's south valley
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0011|     facilities located in Bernalillo county.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 2000
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0013|     shall revert to the severance tax bonding fund.  If the
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0014|     governing board of the Albuquerque technical-vocational
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0015|     institute has not certified the need for the issuance of the
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0016|     bonds by the end of fiscal year 1999, the authorization
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0017|     provided in this section shall be void.
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0018|          Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                                  
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