0001|                            HOUSE BILL 297
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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|                            JOHN A. HEATON
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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 CARLSBAD MUNICIPAL SCHOOL DISTRICT
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0013|     CAPITAL OUTLAY PROJECTS IN EDDY 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 one million two hundred
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0022|     eighty thousand dollars ($1,280,000) when the state department
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0023|     of public education certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     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 state department of public
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0008|     education in the following amounts for the following purposes:
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0009|                    (1)  four hundred thousand dollars ($400,000)
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0010|     for the renovation of space and the purchase and installation
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0011|     of computer equipment for a pre-engineering computer lab for
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0012|     Carlsbad high school in Eddy county;
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0013|                    (2)  four hundred thousand dollars ($400,000)
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0014|     to design, construct and equip an expansion of the cafeteria at
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0015|     Carlsbad high school in Eddy county;
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0016|                    (3)  three hundred thousand dollars ($300,000)
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0017|     to design, construct and equip an expansion of the library and
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0018|     fine arts facility at the Alta Vista middle school in Eddy
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0019|     county; and
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0020|                    (4)  one hundred eighty thousand dollars
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0021|     ($180,000) for the removal of evaporative air conditioners and
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0022|     the purchase and installation of refrigerated air conditioning
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0023|     units for the early childhood education center in Eddy county.
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0024|               B.  If the state department of public education has
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0025|     not certified the need for the issuance of the bonds by the end
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0001|     of fiscal year 1999, the authorization provided in this section
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0002|     shall be void.  Any unexpended or unencumbered balance
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0003|     remaining from the proceeds of severance tax bonds issued
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0004|     pursuant to Subsection A of this section at the end of fiscal
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0005|     year 2000 shall revert to the severance tax bonding fund. 
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0006|          Section 2.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect immediately.
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0008|                              
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