0001|                         HOUSE BILL 333
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1996
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0003|                         INTRODUCED BY
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0004|                       R. DAVID PEDERSON
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0005|     
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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|                             AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO CONSTRUCT AN EDUCATION CENTER ON THE
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0013|     NORTH SIDE OF THE CITY OF GALLUP FOR THE GALLUP BRANCH OF THE
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0014|     UNIVERSITY OF NEW MEXICO IN MCKINLEY COUNTY; MAKING AN
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0015|     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.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one hundred thousand
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0021|     dollars ($100,000) when the board of regents of the university
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0022|     of New Mexico certifies the need for the issuance of the bonds. 
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0023|     The state board of finance shall schedule the issuance and sale
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0024|     of the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the board of regents of the university of New
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0007|     Mexico for the purpose of constructing an education center on
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0008|     the north side of the city of Gallup for the Gallup branch of
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0009|     the university of New Mexico located in McKinley county.  Any
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0010|     unexpended or unencumbered balance remaining at the end of
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0011|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0012|     If the board of regents of the university of New Mexico has not
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0013|     certified the need for the issuance of the bonds by the end of
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0014|     fiscal year 1998, the authorization provided in this section
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0015|     shall be void.
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0016|       Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                            - 2 -
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0019|     
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