0001| HOUSE BILL 33
|
0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
|
0003| 1996
|
0004| INTRODUCED BY
|
0005| FRED LUNA
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011| AN ACT
|
0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0013| SEVERANCE TAX BONDS FOR VARIOUS SCHOOL PROJECTS OF THE LOS LUNAS
|
0014| SCHOOL DISTRICT IN VALENCIA COUNTY; MAKING AN APPROPRIATION;
|
0015| DECLARING AN 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--APPROPRIATION OF PROCEEDS.--
|
0019| A. The state board of finance may issue and sell
|
0020| severance tax bonds in compliance with the Severance Tax Bonding
|
0021| Act in an amount not exceeding four hundred fifty thousand
|
0022| dollars ($450,000) when the state department of public education
|
0023| certifies the need for the issuance of the bonds. The state
|
0024| board of finance shall schedule the issuance and sale of the
|
0025| bonds in the most expeditious and economical manner possible
|
0001| upon a finding by the board that the project has been developed
|
0002| sufficiently to justify the issuance and that the project can
|
0003| proceed to contract within a reasonable time. The state board
|
0004| of finance shall further take the appropriate steps necessary to
|
0005| comply with the Internal Revenue Code of 1986, as amended. The
|
0006| proceeds from the sale of the bonds are appropriated to the
|
0007| state department of public education in the following amounts
|
0008| for the following purposes:
|
0009| (1) two hundred eighty thousand dollars
|
0010| ($280,000) to repair and replace doors and remodel and renovate
|
0011| hallways at the Los Lunas high school;
|
0012| (2) forty thousand dollars ($40,000) for site
|
0013| work and improvements at the Raymond Gabaldon school;
|
0014| (3) thirty thousand dollars ($30,000) for
|
0015| playground improvements at the Daniel Fernandez school; and
|
0016| (4) one hundred thousand dollars ($100,000) for
|
0017| various improvements to the science building at the Los Lunas
|
0018| middle school, including remodeling doors and hardware and
|
0019| purchase of tables and equipment.
|
0020| B. If the state department of public education has
|
0021| not certified the need for the issuance of the bonds by the end
|
0022| of fiscal year 1998, the authorization provided in this section
|
0023| shall be void. Any unexpended or unencumbered balance remaining
|
0024| from the proceeds of severance tax bonds issued pursuant to
|
0025| Subsection A of this section at the end of fiscal year 1999
|
0001| shall revert to the severance tax bonding fund.
|
0002| Section 2. EMERGENCY.--It is necessary for the public
|
0003| peace, health and safety that this act take effect immediately.
|
0004| State of New Mexico
|
0005| House of Representatives
|
0006|
|
0007| FORTY-SECOND LEGISLATURE
|
0008| SECOND SESSION, 1996
|
0009|
|
0010|
|
0011| January 24, 1996
|
0012|
|
0013|
|
0014| Mr. Speaker:
|
0015|
|
0016| Your EDUCATION COMMITTEE, to whom has been referred
|
0017|
|
0018| HOUSE BILL 33
|
0019|
|
0020| has had it under consideration and reports same with
|
0021| recommendation that it DO PASS, and thence referred to the
|
0022| TAXATION AND REVENUE COMMITTEE.
|
0023|
|
0024| Respectfully submitted,
|
0025|
|
0001|
|
0002|
|
0003|
|
0004| Samuel F. Vigil, Chairman
|
0005|
|
0006|
|
0007| Adopted Not Adopted
|
0008|
|
0009| (Chief Clerk) (Chief Clerk)
|
0010|
|
0011| Date
|
0012|
|
0013| The roll call vote was 12 For 0 Against
|
0014| Yes: 12
|
0015| Excused: None
|
0016| Absent: None
|
0017|
|
0018|
|
0019|
|
0020| H0033EC1
|