0001| HOUSE BILL 251
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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| NICK L. SALAZAR
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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 ESPANOLA PUBLIC SCHOOLS CAPITAL OUTLAY
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0013| PROJECTS IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION;
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0014| 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 eight million dollars
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0022| ($8,000,000) when the state department of public education
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0023| certifies the need for the issuance of the bonds. The state
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0024| board of finance shall schedule the issuance and sale of the
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0025| bonds in the most expeditious and economical manner possible
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0001| upon a finding by the board that the project has been developed
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0002| sufficiently to justify the issuance and that the project can
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0003| proceed to contract within a reasonable time. The state board
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0004| of finance shall further take the appropriate steps necessary
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0005| to comply with the Internal Revenue Code of 1986, as amended.
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0006| The proceeds from the sale of the bonds are appropriated to the
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0007| state department of public education in the following amounts
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0008| for the following purposes:
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0009| (1) seven million five hundred thousand
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0010| dollars ($7,500,000) to design, construct and equip the first
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0011| phase of the proposed new middle school in Espanola in Rio
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0012| Arriba county;
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0013| (2) three hundred thousand dollars ($300,000)
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0014| to purchase and upgrade existing computers, upgrade internet
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0015| telephone lines and purchase equipment for long-distance
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0016| learning programs for the Espanola public schools in Rio Arriba
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0017| county; and
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0018| (3) two hundred thousand dollars ($200,000) to
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0019| design, construct and equip an expansion of the Sombrillo
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0020| elementary school cafeteria in Espanola in Rio Arriba county.
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0021| B. If the state department of public education has
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0022| not certified the need for the issuance of the bonds by the end
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0023| of fiscal year 1999, the authorization provided in this section
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0024| shall be void. Any unexpended or unencumbered balance
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0025| remaining from the proceeds of severance tax bonds issued
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0001| pursuant to Subsection A of this section at the end of fiscal
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0002| year 2000 shall revert to the severance tax bonding fund.
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0003| Section 2. EMERGENCY.--It is necessary for the public
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0004| peace, health and safety that this act take effect immediately.
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