0001| SENATE BILL 734 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RAMSAY L. GORHAM | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR A NEW COMPUTER NETWORK SYSTEM FOR THE | 0013| DENNIS CHAVEZ ELEMENTARY SCHOOL IN ALBUQUERQUE IN BERNALILLO | 0014| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding seventy | 0021| thousand dollars ($70,000) when the state department of public | 0022| education certifies the need for the issuance of the bonds. | 0023| The state board of finance shall schedule the issuance and sale | 0024| of the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the state department of public education for | 0007| the purpose of purchasing and installing a new computer network | 0008| system, including wiring, at Dennis Chavez elementary school | 0009| located in Albuquerque in Bernalillo county. Any unexpended or | 0010| unencumbered balance remaining at the end of fiscal year 2000 | 0011| shall revert to the severance tax bonding fund. If the state | 0012| department of public education has not certified the need for | 0013| the issuance of the bonds by the end of fiscal year 1999, the | 0014| authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017| - 2 - |