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