0001| HOUSE BILL 398
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| DEBBIE A. RODELLA
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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|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS FOR EDUCATIONAL COMPUTER SYSTEMS FOR CERTAIN
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0014| CHAMA DISTRICT ELEMENTARY SCHOOLS IN RIO ARRIBA COUNTY; MAKING
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0015| AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding three hundred fifty
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0021| thousand dollars ($350,000) when the state department of public
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0022| education certifies the need for the issuance of the bonds. The
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0023| state board of finance shall schedule the issuance and sale of
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0024| the bonds in the most expeditious and economical manner possible
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0025| upon a finding by the board that the project has been developed
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0001| sufficiently to justify the issuance and that the project can
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0002| proceed to contract within a reasonable time. The state board
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0003| of finance shall further take the appropriate steps necessary to
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0004| comply with the Internal Revenue Code of 1986, as amended. The
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0005| proceeds from the sale of the bonds are appropriated to the
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0006| state department of public education for the purpose of the
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0007| purchase and installation of educational computer systems,
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0008| including necessary accessories, for the Chama school district
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0009| elementary schools in Chama, Canjilon and Tierra Amarilla
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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 1999 shall revert to
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0012| the severance tax bonding fund. If the state department of
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0013| public education has not certified the need for the issuance of
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0014| the bonds by the end of fiscal year 1998, the authorization
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0015| 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| - 2 -
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