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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