0001| HOUSE BILL 242
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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| J. PAUL TAYLOR
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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 TO DESIGN, CONSTRUCT AND EQUIP A BUILDING TO
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0014| HOUSE CLASSROOMS, SCIENTIFIC LABORATORIES AND ADMINISTRATIVE AND
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0015| FACULTY OFFICES ON THE MAIN CAMPUS OF NEW MEXICO STATE
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0016| UNIVERSITY IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
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0017| DECLARING AN EMERGENCY.
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0018|
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0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0021| and sell severance tax bonds in compliance with the Severance
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0022| Tax Bonding Act in an amount not exceeding fourteen million one
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0023| hundred twenty-five thousand dollars ($14,125,000) when the
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0024| board of regents of New Mexico state university certifies the
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0025| need for the issuance of the bonds. The state board of finance
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0001| shall schedule the issuance and sale of the bonds in the most
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0002| expeditious and economical manner possible upon a finding by the
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0003| board that the project has been developed sufficiently to
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0004| justify the issuance and that the project can proceed to
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0005| contract within a reasonable time. The state board of finance
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0006| shall further take the appropriate steps necessary to comply
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0007| with the Internal Revenue Code of 1986, as amended. The
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0008| proceeds from the sale of the bonds are appropriated to the
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0009| board of regents of New Mexico state university for the purpose
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0010| of designing, constructing and equipping a building to house
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0011| classrooms, scientific laboratories and administrative and
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0012| faculty offices on the main campus at New Mexico state
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0013| university located in Dona Ana county. Any unexpended or
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0014| unencumbered balance remaining at the end of fiscal year 1999
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0015| shall revert to the severance tax bonding fund. If the board of
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0016| regents of New Mexico state university has not certified the
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0017| need for the issuance of the bonds by the end of fiscal year
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0018| 1998, the authorization provided in this section shall be void.
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0019| Section 2. EMERGENCY.--It is necessary for the public
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0020| peace, health and safety that this act take effect immediately.
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0021|
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