0001| HOUSE BILL 385 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| HENRY KIKI SAAVEDRA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR PURCHASE AND INSTALLATION OF | 0013| EDUCATIONAL TECHNOLOGY IN CERTAIN ALBUQUERQUE PUBLIC SCHOOLS IN | 0014| BERNALILLO COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0015| EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax | 0022| Bonding Act in an amount not exceeding two hundred five | 0023| thousand dollars ($205,000) when the state department of public | 0024| education certifies the need for the issuance of the bonds. | 0025| The state board of finance shall schedule the issuance and sale | 0001| of the bonds in the most expeditious and economical manner | 0002| possible upon a finding by the board that the project has been | 0003| developed sufficiently to justify the issuance and that the | 0004| project can proceed to contract within a reasonable time. The | 0005| state board of finance shall further take the appropriate steps | 0006| necessary to comply with the Internal Revenue Code of 1986, as | 0007| amended. The proceeds from the sale of the bonds are | 0008| appropriated to the state department of public education for | 0009| the purchase and installation of educational technology in the | 0010| following amounts for the following Albuquerque schools: | 0011| (1) fifty thousand dollars ($50,000) for | 0012| Lowell elementary school; | 0013| (2) fifty thousand dollars ($50,000) for East | 0014| San Jose elementary school; | 0015| (3) forty-five thousand dollars ($45,000) for | 0016| Los Padillas elementary school; | 0017| (4) thirty thousand dollars ($30,000) for | 0018| Eugene Field elementary school; and | 0019| (5) thirty thousand dollars ($30,000) for Polk | 0020| middle school. | 0021| B. If the state department of public education has | 0022| not certified the need for the issuance of the bonds by the end | 0023| of fiscal year 1999, the authorization provided in this section | 0024| shall be void. Any unexpended or unencumbered balance | 0025| remaining from the proceeds of severance tax bonds issued | 0001| pursuant to Subsection A of this section at the end of fiscal | 0002| year 2000 shall revert to the severance tax bonding fund. | 0003| Section 2. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately. | 0005| - 3 - |