0001| 
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0002|                                  
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0003|                           SENATE BILL 944
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0004|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0005|                            INTRODUCED BY
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0006|                            L. SKIP VERNON
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0007|     
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0008|                                   
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0009|     
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0010|     
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0011|     
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0012|                                AN ACT
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0013|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0014|     SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT, FURNISH AND EQUIP A
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0015|     WORKFORCE DEVELOPMENT CENTER FOR THE ALBUQUERQUE TECHNICAL-
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0016|     VOCATIONAL INSTITUTE IN BERNALILLO COUNTY; MAKING AN
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0017|     APPROPRIATION; DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0021|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0022|     issue and sell severance tax bonds in compliance with the
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0023|     Severance Tax Bonding Act in an amount not exceeding four
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0024|     million dollars ($4,000,000) when the governing board of the
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0025|     Albuquerque technical-vocational institute certifies the need
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0001|     for the issuance of the bonds.  The state board of finance
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0002|     shall schedule the issuance and sale of the bonds in the most
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0003|     expeditious and economical manner possible upon a finding by
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0004|     the board that the project has been developed sufficiently to
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0005|     justify the issuance and that the project can proceed to
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0006|     contract within a reasonable time.  The state board of finance
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0007|     shall further take the appropriate steps necessary to comply
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0008|     with the Internal Revenue Code of 1986, as amended.  The
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0009|     proceeds from the sale of the bonds are appropriated to the
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0010|     governing board of the Albuquerque technical-vocational
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0011|     institute for the purpose of designing, constructing,
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0012|     furnishing and equipping a workforce training center for the
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0013|     Albuquerque technical-vocational institute located in
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0014|     Bernalillo county.  Any unexpended or unencumbered balance
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0015|     remaining at the end of fiscal year 2000 shall revert to the
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0016|     severance tax bonding fund.  If the governing board of the
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0017|     Albuquerque technical-vocational institute has not certified
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0018|     the need for the issuance of the bonds by the end of fiscal
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0019|     year 1999, the authorization provided in this section shall be
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0020|     void.
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0021|          Section 2.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.

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0023|                              
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