0001|                         HOUSE BILL 272
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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|                       DEBBIE A. RODELLA
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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 CAPITAL PROJECTS AT THE ESPANOLA CAMPUS
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0014|     OF NORTHERN NEW MEXICO STATE SCHOOL IN RIO ARRIBA COUNTY; MAKING
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0015|     AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not exceeding five hundred fifty thousand
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0022|     dollars ($550,000) when the board of regents of northern New
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0023|     Mexico state school 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 board of regents of northern New Mexico

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0008|     state school in the following amounts for the following
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0009|     purposes:
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0010|                 (1)  four hundred fifty thousand dollars
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0011|     ($450,000) to design, construct, complete and equip phase III of
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0012|     the center for the arts at the Espanola branch of northern New
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0013|     Mexico state school in Rio Arriba county; and
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0014|                 (2)  one hundred thousand dollars ($100,000) to
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0015|     design, remodel, construct, improve and equip the Montoya
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0016|     building at the Espanola branch of northern New Mexico state
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0017|     school in Rio Arriba county. 
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0018|            B.  If the board of regents of northern New Mexico
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0019|     state school has not certified the need for the issuance of the
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0020|     bonds by the end of fiscal year 1998, the authorization provided
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0021|     in this section shall be void.  Any unexpended or unencumbered
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0022|     balance remaining from the proceeds of severance tax bonds
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0023|     issued pursuant to Subsection A of this section at the end of
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0024|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0025|       Section 2.  EMERGENCY.--It is necessary for the public
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0001|     peace, health and safety that this act take effect immediately.
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0002|                              
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