0001|                            HOUSE BILL 798
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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|                              FRED LUNA
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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 FOR CAPITAL IMPROVEMENTS AT BELEN
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0013|     CONSOLIDATED SCHOOLS IN VALENCIA COUNTY; MAKING AN
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0014|     APPROPRIATION; 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 three million seven
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0022|     hundred fifty thousand dollars ($3,750,000) when the state
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0023|     department of public education certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state department of public education in the following amounts
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0009|     for the following purposes:
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0010|                    (1)  one million dollars ($1,000,000) for
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0011|     construction of classroom and multipurpose room additions,
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0012|     space and site utility upgrades and improvements to comply with
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0013|     the Americans with Disabilities Act of 1990 at La Merced
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0014|     elementary school in Belen in Valencia county;
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0015|                    (2)  five hundred thousand dollars ($500,000)
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0016|     for improvements to comply with the Americans with Disabilities
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0017|     Act of 1990 at Dennis Chavez elementary school in Belen in
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0018|     Valencia county;
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0019|                    (3)  one million eight hundred thousand dollars
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0020|     ($1,800,000) for constructing a new classroom building and a
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0021|     physical education facility addition and upgrade at Belen high
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0022|     school in Valencia county; and
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0023|                    (4)  four hundred fifty thousand dollars
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0024|     ($450,000) to improve the central administration building,
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0025|     including complying with the Americans with Disabilities Act of
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0001|     1990 requirements and other upgrades, at Belen consolidated
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0002|     schools in Valencia county.
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0003|               B.  If the state department of public education has
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0004|     not certified the need for the issuance of the bonds by the end
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0005|     of fiscal year 1999, the authorization provided in this section
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0006|     shall be void.  Any unexpended or unencumbered balance
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0007|     remaining from the proceeds of severance tax bonds issued
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0008|     pursuant to Subsection A of this section at the end of fiscal
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0009|     year 2000 shall revert to the severance tax bonding fund. 
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0010|          Section 2.  EMERGENCY.--It is necessary for the public
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0011|     peace, health and safety that this act take effect immediately.
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0012|                                  
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