0001|                           SENATE BILL 711
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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|                          ARTHUR H. RODARTE
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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 A DISTRICTWIDE LIBRARY UPGRADE AND
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0013|     RENOVATIONS OF ESPANOLA VALLEY HIGH SCHOOL LOCATED IN RIO
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0014|     ARRIBA COUNTY; 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--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 four hundred twenty-five
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0022|     thousand dollars ($425,000) when the state department of public
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0023|     education certifies the need for the issuance of the bonds. 
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0024|     The state board of finance shall schedule the issuance and sale
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0025|     of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state department of public education in the
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0008|     following amounts for the following purposes in Rio Arriba
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0009|     county:
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0010|                    (1)  one hundred twenty-five thousand dollars
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0011|     ($125,000) for the purpose of upgrading and improving the Mesa
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0012|     Vista middle and high school media center and libraries at El
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0013|     Rito, Ojo Caliente and Tres Piedras elementary schools; and
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0014|                    (2)  three hundred thousand dollars ($300,000)
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0015|     for the purpose of renovating Espanola Valley high school to
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0016|     meet Americans with Disabilities Act of 1990 requirements.
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0017|               B.  If the state department of public education has
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0018|     not certified the need for the issuance of the bonds by the end
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0019|     of fiscal year 1999, the authorization provided in this section
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0020|     shall be void.  Any unexpended or unencumbered balance
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0021|     remaining from the proceeds of severance tax bonds issued
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0022|     pursuant to Subsection A of this section at the end of fiscal
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0023|     year 2000 shall revert to the severance tax bonding fund. 
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0024|          Section 2.  EMERGENCY.--It is necessary for the public
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0025|     peace, health and safety that this act take effect immediately.
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0001|                                    
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0002|   
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0003|                      FORTY-THIRD LEGISLATURE
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0004|                        FIRST SESSION, 1997
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0005|   
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0006|   
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0007|                                               February 22, 1997
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0008|   
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0009|   Mr. President:
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0010|   
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0011|       Your EDUCATION COMMITTEE, to whom has been referred
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0012|   
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0013|                          SENATE BILL 711
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0014|   
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0015|   has had it under consideration and reports same with
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0016|   recommendation that it DO PASS, and thence referred to the
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0017|   FINANCE COMMITTEE.
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0018|   
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0019|                                Respectfully submitted,
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0020|   
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0021|   
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0022|   
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0023|                                
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0024|   __________________________________
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0025|                                Cynthia Nava, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________   Not
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0005|   Adopted_______________________
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0006|             (Chief Clerk)                          (Chief Clerk)
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0007|   
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0008|   
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0009|                     Date ________________________
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0010|   
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0011|   
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0012|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
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0013|           Yes:    8
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0014|           No:     0
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0015|                Excused:     Boitano, Garcia
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0016|           Absent: None
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0017|   
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0018|   
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0019|   S0711ED1
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0020|   
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