0001| HOUSE BILL 603
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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| VINCE MARTINEZ
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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 EQUIPMENT AND MACHINERY FOR THE
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0014| MANUFACTURING ENGINEERING PROGRAM AT THE UNIVERSITY OF NEW
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0015| MEXICO; MAKING 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.--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 five hundred thousand
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0021| dollars ($500,000) 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 acquiring equipment and machinery for
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0008| the manufacturing engineering program at the university of New
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0009| Mexico located in Bernalillo county. Any unexpended or
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0010| unencumbered balance remaining at the end of fiscal year 1999
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0011| shall revert to the severance tax bonding fund. If the board of
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0012| regents of the university of New Mexico has not certified the
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0013| need for the issuance of the bonds by the end of fiscal year
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0014| 1998, the authorization provided in this section shall be void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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