0001| HOUSE BILL 705 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| LUCIANO "LUCKY" VARELA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR EXTENDED LEARNING PROJECTS THROUGHOUT | 0014| THE STATE; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax Bonding | 0021| Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 and 3 of this | 0023| act. The state board of finance shall schedule the issuance and | 0024| sale of the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. Proceeds from the sale of the bonds are appropriated | 0006| for the purposes specified in Sections 2 and 3 of this act. | 0007| B. The agencies named in Sections 2 and 3 of this | 0008| act shall certify to the state board of finance when the money | 0009| from the proceeds of the severance tax bonds authorized in this | 0010| section is needed for the purposes specified in the applicable | 0011| section of this act. | 0012| C. If the specified agency has not certified the | 0013| need for the issuance of the bonds by the end of fiscal year | 0014| 1998, the authorization provided in this act shall be void. | 0015| D. Unless otherwise specified in this act, any | 0016| unexpended or unencumbered balance remaining from the proceeds | 0017| of severance tax bonds issued pursuant to Sections 2 and 3 of | 0018| this act at the end of fiscal year 1999 shall revert to the | 0019| severance tax bonding fund. | 0020| Section 2. SEVERANCE TAX BONDS--COMMISSION ON HIGHER | 0021| EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of | 0022| this act, upon certification by the commission on higher | 0023| education that the need exists for the issuance of the bonds, | 0024| one million dollars ($1,000,000) is appropriated to the extended | 0025| learning fund for the purpose of developing and operating | 0001| extended learning programs throughout the state. | 0002| Section 3. SEVERANCE TAX BONDS--NEW MEXICO HIGHLANDS | 0003| UNIVERSITY--PURPOSE.--Pursuant to the provisions of Section 1 of | 0004| this act, upon certification by the board of regents of New | 0005| Mexico highlands university that the need exists for the | 0006| issuance of the bonds, seven hundred seventy thousand dollars | 0007| ($770,000) is appropriated to the board of regents of New Mexico | 0008| highlands university for the purpose of purchasing video | 0009| conferencing equipment to enable New Mexico highlands university | 0010| to develop a regional partnership with Luna vocational-technical | 0011| institute and six local public schools via video conferencing. | 0012| Section 4. EMERGENCY.--It is necessary for the public | 0013| peace, health and safety that this act take effect immediately. | 0014|  | 0015| |