0001| HOUSE BILL 839 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RICHARD T. KNOWLES | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR STATE PUBLIC EDUCATIONAL CAPITAL | 0013| IMPROVEMENTS AND ACQUISITIONS; MAKING APPROPRIATIONS; DECLARING | 0014| AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 through 4 of | 0023| this act. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a | 0003| reasonable time. The state board of finance shall further take | 0004| the appropriate steps necessary to comply with the Internal | 0005| Revenue Code of 1986, as amended. Proceeds from the sale of | 0006| the bonds are appropriated for the purposes specified in | 0007| Sections 2 through 4 of this act. | 0008| B. The agencies named in Sections 2 through 4 of | 0009| this act shall certify to the state board of finance when the | 0010| money from the proceeds of the severance tax bonds authorized | 0011| in this section is needed for the purposes specified in the | 0012| applicable section of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1999, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| of severance tax bonds issued pursuant to Sections 2 through 4 | 0019| of this act at the end of fiscal year 2000 shall revert to the | 0020| severance tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--PUBLIC SCHOOL CAPITAL | 0022| IMPROVEMENTS FUND--PURPOSE.--Pursuant to the provisions of | 0023| Section 1 of this act, upon certification by the state | 0024| department of public education that the need exists for the | 0025| issuance of the bonds, seven million six hundred twenty-four | 0001| thousand eight hundred dollars ($7,624,800) is appropriated to | 0002| the public school capital improvements fund for the purpose of | 0003| carrying out the provisions of the Public School Capital | 0004| Improvements Act. Any unexpended or unencumbered balance | 0005| remaining in the fund at the end of fiscal year 2000 shall not | 0006| revert to the severance tax bonding fund. | 0007| Section 3. SEVERANCE TAX BONDS--PUBLIC SCHOOL CAPITAL | 0008| OUTLAY FUND--PURPOSE.--Pursuant to the provisions of Section 1 | 0009| of this act, upon certification by the public school capital | 0010| outlay council that the need exists for the issuance of the | 0011| bonds, sixteen million six hundred thousand dollars | 0012| ($16,600,000) is appropriated to the public school capital | 0013| outlay fund to be allocated by the public school capital outlay | 0014| council to carry out the provisions of the Public School | 0015| Capital Outlay Act. Any unexpended or unencumbered balance | 0016| remaining in the fund at the end of fiscal year 2000 shall not | 0017| revert to the severance tax bonding fund. | 0018| Section 4. SEVERANCE TAX BONDS--PUBLIC SCHOOL CAPITAL | 0019| IMPROVEMENTS FUND--PURPOSE.--Pursuant to the provisions of | 0020| Section 1 of this act, upon certification by the state | 0021| department of public education that the need exists for the | 0022| issuance of the bonds, four million nine hundred seventy-five | 0023| thousand dollars ($4,975,000) is appropriated to the education | 0024| technology fund for the purpose of purchasing equipment and | 0025| providing infrastructure for voice, video and data connectivity | 0001| for New Mexico public schools. Any unexpended or unencumbered | 0002| fund balance remaining at the end f fiscal year 2000 shall not | 0003| revert to the severance tax bonding fund. | 0004| Section 5. EMERGENCY.--It is necessary for the public | 0005| peace, health and safety that this act take effect immediately. | 0006|  | 0007| State of New Mexico | 0008| House of Representatives | 0009| | 0010| FORTY-THIRD LEGISLATURE | 0011| FIRST SESSION, 1997 | 0012| | 0013| | 0014| March 3, 1997 | 0015| | 0016| | 0017| Mr. Speaker: | 0018| | 0019| Your EDUCATION COMMITTEE, to whom has been referred | 0020| | 0021| HOUSE BILL 839 | 0022| | 0023| has had it under consideration and reports same with | 0024| recommendation that it DO PASS, amended as follows: | 0025| | 0001| 1. On page 3, lines 18 and 19, strike "PUBLIC SCHOOL | 0002| CAPITAL IMPROVEMENTS", and insert in lieu thereof "EDUCATIONAL | 0003| TECHNOLOGY". | 0004| | 0005| 2. On page 4, line 2, strike "f" and insert in lieu | 0006| thereof "of"., | 0007| | 0008| and thence referred to the TAXATION AND REVENUE | 0009| COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| | 0016| | 0017| Samuel F. Vigil, Chairman | 0018| | 0019| | 0020| Adopted Not Adopted | 0021| | 0022| (Chief Clerk) (Chief Clerk) | 0023| | 0024| Date | 0025| | 0001| The roll call vote was 8 For 0 Against | 0002| Yes: 8 | 0003| Excused: Garnenez, Miera, Nicely, S.M. Williams, Wright | 0004| Absent: None | 0005| | 0006| | 0007| | 0008| G:\BILLTEXT\BILLW_97\H0839 |