0001|                           SENATE BILL 1216
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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|                           MARK L. BOITANO
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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 VARIOUS ALBUQUERQUE PUBLIC SCHOOL
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0013|     CAPITAL OUTLAY PROJECTS IN BERNALILLO COUNTY; MAKING AN
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0014|     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.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding four hundred thousand
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0022|     dollars ($400,000) when the state department of public
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0023|     education certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state department of public education in the
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0008|     following amounts for the following purposes:
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0009|                    (1)  fifty thousand dollars ($50,000) to
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0010|     design, construct, purchase or equip technology upgrades,
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0011|     including internal and external networking, for Sandia high
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0012|     school in Bernalillo county;
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0013|                    (2)  fifty thousand dollars ($50,000) to
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0014|     design, construct, purchase or equip technology improvements
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0015|     for Inez elementary school in Bernalillo county;
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0016|                    (3)  fifty thousand dollars ($50,000) to plan,
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0017|     design, construct or equip playground improvements for a joint
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0018|     city park at Sombra Del Monte elementary school in Bernalillo
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0019|     county;
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0020|                    (4)  fifty thousand dollars ($50,000) to
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0021|     design, construct, purchase or equip technology improvements
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0022|     for Mitchell elementary school in Bernalillo county;
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0023|                    (5)  fifty thousand dollars ($50,000) to
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0024|     design, construct, purchase or equip playground improvements
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0025|     for Eubank elementary school in Bernalillo county;
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0001|                    (6)  fifty thousand dollars ($50,000) to
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0002|     design, construct, purchase or equip technology improvements
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0003|     for Collet Park elementary school in Bernalillo county; and
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0004|                    (7)  fifty thousand dollars ($50,000) to
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0005|     design, construct, purchase or equip technology improvements
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0006|     for Bellehaven elementary school in Bernalillo county; 
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0007|                    (8)  fifty thousand dollars ($50,000) to
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0008|     design, construct, purchase or equip technology improvements
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0009|     and upgrades for Madison middle school in Bernalillo county.
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0010|               B.  If the state department of public education has
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0011|     not certified the need for the issuance of the bonds by the end
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0012|     of fiscal year 1999, the authorization provided in this section
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0013|     shall be void.  Any unexpended or unencumbered balance
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0014|     remaining from the proceeds of severance tax bonds issued
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0015|     pursuant to Subsection A of this section at the end of fiscal
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0016|     year 2000 shall revert to the severance tax bonding fund. 
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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