0001|                           SENATE BILL 712
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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|                          ARTHUR H. RODARTE
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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 A LIBRARY AUTOMATION SYSTEM AT THE
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0013|     NORTHERN NEW MEXICO STATE SCHOOL IN EL RITO IN RIO ARRIBA
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0014|     COUNTY; MAKING AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding one
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0021|     hundred thirteen thousand five hundred dollars ($113,500) when
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0022|     the board of regents of northern New Mexico state school
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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
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0005|     to comply with the Internal Revenue Code of 1986, as amended. 
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0006|     The proceeds from the sale of the bonds are appropriated to the
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0007|     board of regents of northern New Mexico state school for the
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0008|     purpose of purchasing and installing a library automation
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0009|     system at the northern New Mexico state school at El Rito
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0010|     located in Rio Arriba county.  Any unexpended or unencumbered
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0011|     balance remaining at the end of fiscal year 2000 shall revert
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0012|     to the severance tax bonding fund.  If the board of regents of
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0013|     northern New Mexico state school has not certified the need for
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0014|     the issuance of the bonds by the end of fiscal year 1999, the
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0015|     authorization provided in this section shall be void.
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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0019|       
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0020|   
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0021|                      FORTY-THIRD LEGISLATURE
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                               February 22, 1997
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0001|   
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0002|   Mr. President:
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0003|   
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0004|       Your EDUCATION COMMITTEE, to whom has been referred
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0005|   
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0006|                          SENATE BILL 712
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0007|   
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0008|   has had it under consideration and reports same with
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0009|   recommendation that it DO PASS, and thence referred to the
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0010|   FINANCE COMMITTEE.
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0011|   
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0012|                                Respectfully submitted,
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0013|   
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0014|   
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0015|   
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0016|                                
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0017|   __________________________________
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0018|                                Cynthia Nava, Chairman 
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0019|   
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0020|   
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0021|   
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0022|   Adopted_______________________   Not
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0023|   Adopted_______________________
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0024|             (Chief Clerk)                          (Chief Clerk)
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0025|   
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0001|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
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0006|           Yes:    8
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0007|           No:     0
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0008|                Excused:     Boitano, Garcia
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0009|           Absent: None
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0010|   
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0011|   
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0012|   S0712ED1
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0013|   
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