0001|                         HOUSE BILL 40
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        NICK L. SALAZAR
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR PHASE THREE OF A CENTER FOR
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0014|     INSTRUCTIONAL PROGRAMS AT THE MAIN CAMPUS OF LUNA VOCATIONAL-
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0015|     TECHNICAL INSTITUTE IN LAS VEGAS IN SAN MIGUEL COUNTY; MAKING AN
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0016|     APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020|     and sell severance tax bonds in compliance with the Severance
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0021|     Tax Bonding Act in an amount not exceeding two million seven
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0022|     hundred eighty-one thousand forty-seven dollars
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0023|     ($2,781,047) when the governing board of Luna vocational-technical institute certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project has
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0002|     been 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 governing board of Luna vocational-technical
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0008|     institute for phase three of a center for instructional programs
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0009|     at the main campus in Las Vegas located in San Miguel county. 
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0010|     Any unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0012|     If the governing board of Luna vocational-technical institute
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0013|     has not certified the need for the issuance of the bonds by the
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0014|     end of fiscal year 1998, the authorization provided in this
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0015|     section shall be void.
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0016|       Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                              
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