0001|                            HOUSE BILL 564
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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|                           SAMUEL F. VIGIL
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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 TO PURCHASE SATELLITE EQUIPMENT TO
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0013|     INTERCONNECT CERTAIN PUBLIC SCHOOLS AND POST-SECONDARY
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0014|     INSTITUTIONS; MAKING AN 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.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding five
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0021|     hundred forty-nine thousand dollars ($549,000) when the board
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0022|     of regents of New Mexico highlands university certifies the
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0023|     need for the issuance of the bonds.  The state board of finance
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0024|     shall schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by
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0001|     the board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     board of regents of New Mexico highlands university for the
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0008|     purpose of purchasing satellite equipment to interconnect Luna
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0009|     vocational-technical institute, San Juan college, Santa Fe
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0010|     community college, northern New Mexico state school and
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0011|     twenty-seven public school districts in four regional clusters
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0012|     with New Mexico highlands university and to expand upon the
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0013|     development of regional resources through these various
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0014|     partnerships in telecommunications technology.  Any unexpended
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0015|     or unencumbered balance remaining at the end of fiscal year
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0016|     2000 shall revert to the severance tax bonding fund.  If the
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0017|     board of regents of New Mexico highlands university has not
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0018|     certified the need for the issuance of the bonds by the end of
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0019|     fiscal year 1999, the authorization provided in this section
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0020|     shall be void.
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0021|          Section 2.  EMERGENCY.--It is necessary for the public
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0022|     peace, health and safety that this act take effect immediately.
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0023|                                  
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