0001| HOUSE BILL 270 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JEANNETTE WALLACE | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT AND EQUIP A STUDENT | 0014| SERVICES BUILDING AT THE LOS ALAMOS BRANCH OF THE UNIVERSITY OF | 0015| NEW MEXICO IN LOS ALAMOS COUNTY; MAKING AN APPROPRIATION; | 0016| 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 one million three | 0022| hundred fifty thousand dollars ($1,350,000) when the board of | 0023| regents of the university of New Mexico certifies the need for | 0024| the issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by the | 0002| board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| 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 the university of New Mexico for the purpose | 0009| of designing, constructing and equipping a student services | 0010| building at the Los Alamos campus of the university of New | 0011| Mexico located in Los Alamos county. Any unexpended or | 0012| unencumbered balance remaining at the end of fiscal year 1999 | 0013| shall revert to the severance tax bonding fund. If the board of | 0014| regents of the university of New Mexico has not certified the | 0015| need for the issuance of the bonds by the end of fiscal year | 0016| 1998, the authorization provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019| - 2 - |