0001|                         HOUSE BILL 299
    |
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 FOR EXPANSION OF AGGIE MEMORIAL STADIUM AT
    |
0014|     NEW MEXICO STATE UNIVERSITY IN DONA ANA COUNTY; MAKING AN
    |
0015|     APPROPRIATION; DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0019|     and sell severance tax bonds in compliance with the Severance
    |
0020|     Tax Bonding Act in an amount not exceeding two million four
    |
0021|     hundred thousand dollars ($2,400,000) when the board of regents
    |
0022|     of New Mexico state university certifies the need for the
    |
0023|     issuance of the bonds.  The state board of finance shall
    |
0024|     schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by the
    |
0001|     board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     board of regents of New Mexico state university for the purpose
    |
0008|     of designing, constructing and equipping an addition to Aggie
    |
0009|     memorial stadium in Las Cruces located in Dona Ana county.  Any
    |
0010|     unexpended or unencumbered balance remaining at the end of
    |
0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
    |
0012|     If the board of regents of New Mexico state university has not
    |
0013|     certified the need for the issuance of the bonds by the end of
    |
0014|     fiscal year 1998, the authorization provided in this section
    |
0015|     shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |