0001|                           SENATE BILL 775
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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|                         TIMOTHY Z. JENNINGS
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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 PROJECTS AT EASTERN NEW MEXICO
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0013|     UNIVERSITY IN ROSWELL IN CHAVES 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--PURPOSES FOR WHICH
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0018|     ISSUED--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 one million five hundred
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0022|     fifty-seven thousand fifty dollars ($1,557,050) when the board
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0023|     of regents of eastern New Mexico university certifies the need
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0024|     for the issuance of the bonds.  The state board of finance
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0025|     shall 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|     board of regents of eastern New Mexico university in the
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0009|     following amounts for the following purposes in Chaves county:
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0010|                    (1)  seven hundred fifty thousand dollars
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0011|     ($750,000) for a two-way interactive video delivery system for
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0012|     one on-campus and six remote sites located in area public
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0013|     schools;
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0014|                    (2)  three hundred thirty-five thousand dollars
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0015|     ($335,000) for a telephone system upgrade to accommodate
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0016|     current needs and future expansion;
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0017|                    (3)  one hundred twenty-eight thousand eight
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0018|     hundred dollars ($128,800) for an upgrade of instructional and
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0019|     administrative computing in conjunction with proposed software
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0020|     conversion;
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0021|                    (4)  seventy-five thousand dollars ($75,000) to
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0022|     equip the physical and biological science laboratories to
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0023|     provide virtual laboratory experiences and access to the
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0024|     internet;
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0025|                    (5)  sixty-three thousand seven hundred fifty
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0001|     dollars ($63,750) for five self-contained multimedia
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0002|     classrooms, one for each of the instructional divisions;
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0003|                    (6)  sixty thousand dollars ($60,000) to
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0004|     upgrade equipment to accommodate the state-of-the-art drafting
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0005|     curriculum to provide instructional software to match local
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0006|     industry needs;
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0007|                    (7)  fifty-seven thousand five hundred dollars
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0008|     ($57,500) to provide equipment to facilitate multilevel student
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0009|     learning styles in English and foreign language instruction;
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0010|                    (8)  forty-two thousand five hundred dollars
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0011|     ($42,500) for start-up equipment for a respiratory therapy
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0012|     program;
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0013|                    (9)  twenty-three thousand five hundred dollars
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0014|     ($23,500) for video equipment for the production of promotional
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0015|     material;
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0016|                    (10)  eleven thousand dollars ($11,000) for a
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0017|     rescue airbag set for an emergency medical services program;
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0018|     and
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0019|                    (11)  ten thousand dollars ($10,000) for a
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0020|     microfiche reader and printer for use by students in the
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0021|     learning resource center. 
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0022|               B.  If the board of regents of eastern New Mexico
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0023|     university has not certified the need for the issuance of the
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0024|     bonds by the end of fiscal year 1999, the authorization
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0025|     provided in this section shall be void.  Any unexpended or
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0001|     unencumbered balance remaining from the proceeds of severance
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0002|     tax bonds issued pursuant to Subsection A of this section at
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0003|     the end of fiscal year 2000 shall revert to the severance tax
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0004|     bonding fund. 
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0005|          Section 2.  EMERGENCY.--It is necessary for the public
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0006|     peace, health and safety that this act take effect immediately.
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0007|                              
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