0001|                         HOUSE BILL 412
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                     LUCIANO "LUCKY" VARELA
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR HEALTH AND SAFETY IMPROVEMENTS AT THE
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0014|     NEW MEXICO SCHOOL FOR THE DEAF; MAKING AN APPROPRIATION;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH 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 Bonding
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0021|     Act in an amount not exceeding seven hundred twenty-nine
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0022|     thousand dollars ($729,000) when the board of regents of the New
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0023|     Mexico school for the deaf certifies the need for the issuance
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0024|     of the bonds.  The state board of finance shall schedule the
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0025|     issuance and sale of the bonds in the most expeditious and
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0001|     economical manner possible upon a finding by the board that the
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0002|     project has been developed sufficiently to justify the issuance
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0003|     and that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  The proceeds from the sale of the
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0007|     bonds are appropriated to the board of regents of the New Mexico
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0008|     school for the deaf located in Santa Fe county in the following
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0009|     amounts for the following purposes:
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0010|                 (1)  five hundred sixty-four thousand dollars
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0011|     ($564,000) for health and safety improvements to provide
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0012|     handicap access and comply with the federal Americans with
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0013|     Disabilities Act of 1990; and
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0014|                 (2)  one hundred sixty-five thousand dollars
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0015|     ($165,000) to re-roof and refinish floors in Larson gym.
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0016|            B.  Any unexpended or unencumbered balance remaining
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0017|     at the end of fiscal year 1999 shall revert to the severance tax
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0018|     bonding fund.  If the board of regents of the New Mexico school
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0019|     for the deaf has not certified the need for the issuance of the
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0020|     bonds by the end of fiscal year 1998, the authorization provided
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0021|     in this section shall be void.
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0022|       Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                              
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0025|     
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