0001| HOUSE BILL 258 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MICHAEL OLGUIN | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO RENOVATE AND DESIGN, CONSTRUCT AND EQUIP | 0014| A NEW ADDITION TO JONES HALL ON THE NEW MEXICO INSTITUTE OF | 0015| MINING AND TECHNOLOGY CAMPUS LOCATED IN SOCORRO COUNTY; MAKING | 0016| AN APPROPRIATION; DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding six million four | 0022| hundred fifty thousand dollars ($6,450,000) when the board of | 0023| regents of New Mexico institute of mining and technology | 0024| certifies the need for the issuance of the bonds. The state | 0025| board of finance shall schedule the issuance and sale of the | 0001| bonds in the most expeditious and economical manner possible | 0002| upon a finding by the board that the project has been developed | 0003| sufficiently to justify the issuance and that the project can | 0004| proceed to contract within a reasonable time. The state board | 0005| of finance shall further take the appropriate steps necessary to | 0006| comply with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| board of regents of New Mexico institute of mining and | 0009| technology for the purpose of renovating and designing, | 0010| constructing and equipping a new addition to Jones Hall on the | 0011| New Mexico institute of mining and technology campus located in | 0012| Socorro county. Any unexpended or unencumbered balance | 0013| remaining at the end of fiscal year 1999 shall revert to the | 0014| severance tax bonding fund. If the board of regents of New | 0015| Mexico institute of mining and technology has not certified the | 0016| need for the issuance of the bonds by the end of fiscal year | 0017| 1998, the authorization provided in this section shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| |