0001| SENATE BILL 733 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RAMSAY L. GORHAM | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR ACQUISITION AND INSTALLATION OF | 0013| EDUCATIONAL TECHNOLOGY FOR CERTAIN ALBUQUERQUE PUBLIC SCHOOLS | 0014| LOCATED IN BERNALILLO COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0019| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax | 0022| Bonding Act in an amount not exceeding one million six hundred | 0023| seventeen thousand eight hundred forty-five dollars | 0024| ($1,617,845) when the state department of public education | 0025| certifies the need for the issuance of the bonds. The state | 0001| board of finance shall schedule the issuance and sale of the | 0002| bonds in the most expeditious and economical manner possible | 0003| upon a finding by the board that the project has been developed | 0004| sufficiently to justify the issuance and that the project can | 0005| proceed to contract within a reasonable time. The state board | 0006| of finance shall further take the appropriate steps necessary | 0007| to comply with the Internal Revenue Code of 1986, as amended. | 0008| The proceeds from the sale of the bonds are appropriated to the | 0009| state department of public education in the following amounts | 0010| for the following purposes in Albuquerque in Bernalillo county: | 0011| (1) five hundred fifty-one thousand seven | 0012| hundred dollars ($551,700) to acquire and install educational | 0013| technology for Valley high school; | 0014| (2) five hundred thirty thousand three hundred | 0015| thirty-one dollars ($530,331) to acquire and install | 0016| educational technology for Taft middle school; | 0017| (3) three hundred thirty thousand nine hundred | 0018| fifty-nine dollars ($330,959) to acquire and install | 0019| educational technology for Alvarado elementary school; and | 0020| (4) two hundred four thousand eight hundred | 0021| fifty-five dollars ($204,855) to acquire and install | 0022| educational technology for Los Ranchos elementary school. | 0023| B. If the state department of public education has | 0024| not certified the need for the issuance of the bonds by the end | 0025| of fiscal year 1999, the authorization provided in this section | 0001| shall be void. Any unexpended or unencumbered balance | 0002| remaining from the proceeds of severance tax bonds issued | 0003| pursuant to Subsection A of this section at the end of fiscal | 0004| year 2000 shall revert to the severance tax bonding fund. | 0005| Section 2. EMERGENCY.--It is necessary for the public | 0006| peace, health and safety that this act take effect immediately. | 0007|  |