0001|                           SENATE BILL 684
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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|                          MICHAEL S. SANCHEZ
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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 CAPITAL IMPROVEMENTS AT BELEN
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0013|     CONSOLIDATED SCHOOLS IN VALENCIA COUNTY; MAKING APPROPRIATIONS;
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0014|     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--PURPOSES FOR WHICH
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0018|     ISSUED--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 three million eight
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0022|     hundred thirty-six thousand two hundred fifty dollars
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0023|     ($3,836,250) when the state department of public education
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The 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 Belen consolidated schools in Valencia county for the
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0010|     following purposes:
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0011|                    (1)  six hundred thousand dollars ($600,000)
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0012|     for improvements at the Gil Sanchez elementary school to comply
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0013|     with the Americans with Disabilities Act of 1990 requirements;
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0014|                    (2)  one hundred sixty thousand dollars
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0015|     ($160,000) for improvements at Jaramillo elementary school to
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0016|     comply with Americans with Disabilities Act of 1990
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0017|     requirements and improvements to playground equipment to comply
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0018|     with state standards;
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0019|                    (3)  four hundred thousand dollars ($400,000)
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0020|     for improvements at Rio Grande elementary school to comply with
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0021|     Americans with Disabilities Act of 1990 requirements and
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0022|     improvements to playground equipment to comply with state
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0023|     standards;
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0024|                    (4)  one million forty-one thousand two hundred
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0025|     fifty dollars ($1,041,250) for improvements at Central
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0001|     elementary school, including constructing a classroom, a
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0002|     multipurpose room and a media center addition, and upgrades,
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0003|     including those to comply with Americans with Disabilities Act
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0004|     of 1990 requirements; and
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0005|                    (5)  one million six hundred thirty-five
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0006|     thousand dollars ($1,635,000) for improvements at Belen middle
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0007|     school, including constructing a classroom addition, a physical
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0008|     education facility and site upgrades, for compliance with
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0009|     Americans with Disabilities Act of 1990 requirements.
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0010|               B.  If the state department of public education has
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0011|     not certified the need for the issuance of the bonds by the end
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0012|     of fiscal year 1999, the authorization provided in this section
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0013|     shall be void.  Any unexpended or unencumbered balance
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0014|     remaining from the proceeds of severance tax bonds issued
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0015|     pursuant to Subsection A of this section at the end of fiscal
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0016|     year 2000 shall revert to the severance tax bonding fund. 
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0017|          Section 2.  EMERGENCY.--It is necessary for the public
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0018|     peace, health and safety that this act take effect immediately.
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0019|                              
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