0001|                           HOUSE BILL 1226
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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|                          EDWARD C. SANDOVAL
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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 INFORMATIONAL TECHNOLOGY SYSTEMS FOR
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0013|     THE VALLEY CLUSTER SCHOOLS IN BERNALILLO 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 five hundred thirty-nine
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0022|     thousand three hundred twenty dollars ($539,320) when the state
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0023|     department of public education certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     state department of public education in the following amounts
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0009|     for the purpose of providing informational technology systems
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0010|     in the following schools in Bernalillo county:
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0011|                    (1)  fifty thousand three hundred dollars
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0012|     ($50,300) for Valley high school;
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0013|                    (2)  fifty thousand dollars ($50,000) for
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0014|     Garfield middle school;
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0015|                    (3)  fifty thousand dollars ($50,000) for Taft
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0016|     middle school;
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0017|                    (4)  seventy-six thousand four hundred fifty-
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0018|     five dollars ($76,455) for Cochiti elementary school;
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0019|                    (5)  seventy thousand dollars ($70,000) for
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0020|     Duranes elementary school;
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0021|                    (6)  fifty-seven thousand seven hundred five
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0022|     dollars ($57,705) for Griegos elementary school;
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0023|                    (7)  seventy thousand dollars ($70,000) for La
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0024|     Luz elementary school;
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0025|                    (13)  fifty-two thousand seven hundred fifty
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0001|     dollars ($52,750) for MacArthur elementary school; and
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0002|                    (14)  sixty-two thousand one hundred ten
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0003|     dollars ($62,110) for Mission Avenue elementary school.
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0004|               B.  If the state department of public education has
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0005|     not certified the need for the issuance of the bonds by the end
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0006|     of fiscal year 1999, the authorization provided in this section
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0007|     shall be void.  Any unexpended or unencumbered balance
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0008|     remaining from the proceeds of severance tax bonds issued
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0009|     pursuant to Subsection A of this section at the end of fiscal
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0010|     year 2000 shall revert to the severance tax bonding fund. 
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0011|          Section 2.  EMERGENCY.--It is necessary for the public
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0012|     peace, health and safety that this act take effect immediately.
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0013|                              
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