0001| SENATE BILL 99
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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| MARY JANE M. GARCIA
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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 TO DESIGN, CONSTRUCT AND EQUIP A HEALTH AND
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0014| PUBLIC SERVICE FACILITY AT THE DONA ANA BRANCH OF NEW MEXICO
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0015| STATE UNIVERSITY IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
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0016| DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding two million dollars
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0022| ($2,000,000) when the board of regents of New Mexico state
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0023| university certifies the need for the issuance of the bonds.
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0024| The state board of finance shall schedule the issuance and sale
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0025| of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| 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 New Mexico state
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0008| university for the purpose of designing, constructing and
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0009| equipping a health and public service facility at the Dona Ana
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0010| branch of New Mexico state university located in Dona Ana
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0011| county. Any unexpended or unencumbered balance remaining at the
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0012| end of fiscal year 1999 shall revert to the severance tax
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0013| bonding fund. If the board of regents of New Mexico state
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0014| university has not certified the need for the issuance of the
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0015| bonds by the end of fiscal year 1998, the authorization provided
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0016| in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0019|
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0020|
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0021| FORTY-SECOND LEGISLATURE
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0022| SECOND SESSION, 1996
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0023|
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0024|
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0025| JANUARY 22, 1996
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0001|
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0002| Mr. President:
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0003|
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0004| Your COMMITTEES' COMMITTEE, to whom has been referred
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0005|
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0006| SENATE BILL 99
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0007|
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0008| has had it under consideration and finds same to be GERMANE, PURSUANT
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0009| TO CONSTITUTIONAL PROVISIONS, and thence referred to the EDUCATION
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0010| COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0015|
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0016|
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0017| __________________________________
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0018| SENATOR MANNY M. ARAGON, Chairman
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0020|
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0021|
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0022| Adopted_______________________ Not Adopted_______________________
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0023| (Chief Clerk) (Chief Clerk)
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0024|
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0025|
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0001| Date ________________________
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0002|
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0003|
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0004|
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0005| S0099CC1
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