0001|                        SENATE BILL 726
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                       MICHAEL S. SANCHEZ
    |
0006|     
    |
0007|                                
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR CERTAIN CAPITAL PROJECTS AT CERTAIN
    |
0014|     PUBLIC SCHOOLS 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--PURPOSES FOR WHICH
    |
0019|     ISSUED--APPROPRIATION OF PROCEEDS.--
    |
0020|            A.  The state board of finance may issue and sell
    |
0021|     severance tax bonds in compliance with the Severance Tax Bonding
    |
0022|     Act in an amount not exceeding eight hundred thousand dollars
    |
0023|     ($800,000) when the state department of public education
    |
0024|     certifies the need for the issuance of the bonds.  The state
    |
0025|     board of finance shall schedule the issuance and sale of the
    |
0001|     bonds in the most expeditious and economical manner possible
    |
0002|     upon a finding by the board that the project has been developed
    |
0003|     sufficiently to justify the issuance and that the project can
    |
0004|     proceed to contract within a reasonable time.  The state board
    |
0005|     of finance shall further take the appropriate steps necessary to
    |
0006|     comply with the Internal Revenue Code of 1986, as amended.  The
    |
0007|     proceeds from the sale of the bonds are appropriated to the
    |
0008|     state department of public education in the following amounts
    |
0009|     for the following purposes:
    |
0010|                 (1)  three hundred thousand dollars ($300,000)
    |
0011|     to plan, design, construct and equip classrooms at Gil Sanchez
    |
0012|     elementary school in Belen located in Valencia county;
    |
0013|                 (2)  three hundred thousand dollars ($300,000)
    |
0014|     to plan, design, construct and equip classrooms at Dennis Chavez
    |
0015|     elementary school in Belen located in Valencia county; and
    |
0016|                 (3)  two hundred thousand dollars ($200,000) to
    |
0017|     plan, design, construct and equip classrooms at La Merced
    |
0018|     elementary school in Belen located in Valencia county.
    |
0019|            B.  If the state department of public education
    |
0020|      has not certified the need for the issuance of the bonds by the
    |
0021|     end of fiscal year 1998, the authorization provided in this
    |
0022|     section shall be void.  Any unexpended or unencumbered balance
    |
0023|     remaining from the proceeds of severance tax bonds issued
    |
0024|     pursuant to Subsection A of this section at the end of fiscal
    |
0025|     year 1999 shall revert to the severance tax bonding fund. 
    |
0001|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0002|     peace, health and safety that this act take effect immediately.
    |
0003|                              
    |
0004|             
    |
0005|   
    |
0006|                    FORTY-SECOND LEGISLATURE
    |
0007|                      SECOND SESSION, 1996
    |
0008|   
    |
0009|   
    |
0010|                                              FEBRUARY 1, 1996
    |
0011|   
    |
0012|   Mr. President:
    |
0013|   
    |
0014|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0015|   
    |
0016|                           SENATE BILL 726
    |
0017|   
    |
0018|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0019|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
    |
0020|   COMMITTEE.
    |
0021|   
    |
0022|                              Respectfully submitted,
    |
0023|   
    |
0024|   
    |
0025|   
    |
0001|   
    |
0002|                              __________________________________
    |
0003|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0004|   
    |
0005|   
    |
0006|   
    |
0007|   Adopted_______________________ Not Adopted_______________________
    |
0008|             (Chief Clerk)                        (Chief Clerk)
    |
0009|   
    |
0010|   
    |
0011|                     Date ________________________
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|   S0726CC1
    |
0016|   
    |