0001|                            HOUSE BILL 789
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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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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 TO PURCHASE AND INSTALL DISTANCE LEARNING
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0013|     EQUIPMENT FOR STATEWIDE USE; MAKING AN APPROPRIATION; DECLARING
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0014|     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.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the

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0020|     Severance Tax Bonding Act in an amount not exceeding four
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0021|     hundred twenty-one thousand two hundred forty-six dollars
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0022|     ($421,246) when the commission on higher education certifies
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0023|     the need for the issuance of the bonds.  The state board of
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0024|     finance shall schedule the issuance and sale of the bonds in
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0025|     the most expeditious and economical manner possible upon a
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0001|     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|     commission on higher education for the purpose of matching a

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0008|     federal grant to purchase and install equipment for satellite-
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0009|     delivered distance learning systems to create a statewide
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0010|     distance learning network.  Any unexpended or unencumbered
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0011|     balance remaining at the end of fiscal year 2000 shall revert
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0012|     to the severance tax bonding fund.  If the commission on higher
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0013|     education has not certified the need for the issuance of the
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0014|     bonds by the end of fiscal year 1999, 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|                                                         State of New Mexico
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0019|                      House of Representatives
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0020|   
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0021|                      FORTY-THIRD LEGISLATURE
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                                   March 1, 1997
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0001|   
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0002|   
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0003|   Mr. Speaker:
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0004|   
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0005|        Your EDUCATION COMMITTEE, to whom has been referred
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0006|   
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0007|                        HOUSE BILL 789
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0008|                               
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0009|   has had it under consideration and reports same with
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0010|   recommendation that it DO PASS, and thence referred to the
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0011|   TAXATION AND REVENUE COMMITTEE.
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0012|   
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0013|                                 Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|                                 <u>                                
</u>    |
<u></u>0018| <u>  
</u>    |
<u></u>0019| <u>                                </u>                             Samuel F. Vigil, Chairman
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0020|   
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0021|   
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0022|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0023| <u>   </u>
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0024|             (Chief Clerk)                       (Chief Clerk)
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0025|   
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0001|                        Date <u>            </u>
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0002|   
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0003|   The roll call vote was<u> 7 </u> For<u> 0 </u> Against
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0004|   Yes:      7
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0005|             Excused:  Beam, Miera, Nicely, Trujillo, Weeks, Wright
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0006|             Absent:   None
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0007|   
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0008|   
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0009|   G:\BILLTEXT\BILLW_97\H0789
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