0001|                        SENATE BILL 267
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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|                          CYNTHIA NAVA
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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 PHASE II OF THE BORDER AREA SATELLITE
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0014|     FACILITY OF THE DONA ANA BRANCH OF NEW MEXICO STATE UNIVERSITY
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0015|     IN SUNLAND PARK 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 one million one
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0022|     hundred twenty-five thousand dollars ($1,125,000) when the board
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0023|     of regents of New Mexico state university certifies the need for
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0024|     the issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by the
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0002|     board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     board of regents of New Mexico state university for the purpose
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0009|     of designing, constructing and equipping a classroom, laboratory
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0010|     and administrative offices facility for phase II in the
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0011|     construction of a border area satellite facility for the Dona
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0012|     Ana branch of New Mexico state university in Sunland Park
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0013|     located in Dona Ana county.  Any unexpended or unencumbered
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0014|     balance remaining at the end of fiscal year 1999 shall revert to
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0015|     the severance tax bonding fund.  If the board of regents of New
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0016|     Mexico state university has not certified the need for the
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0017|     issuance of the bonds by the end of fiscal year 1998, the
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0018|     authorization provided in this section shall be void.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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0022|             
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0023|   
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0024|                    FORTY-SECOND LEGISLATURE
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0025|                      SECOND SESSION, 1996
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0001|   
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0002|   
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0003|                                              JANUARY 25, 1996
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0004|   
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0005|   Mr. President:
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0006|   
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0007|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0008|   
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0009|                           SENATE BILL 267
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0010|   
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0011|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0012|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0013|   COMMITTEE.
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0014|   
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0015|                              Respectfully submitted,
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0016|   
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0017|   
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0018|   
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0019|   
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0020|                              __________________________________
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0021|                              SENATOR MANNY M. ARAGON, Chairman 
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0022|   
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0023|   
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0024|   
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0025|   Adopted_______________________ Not Adopted_______________________
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0001|             (Chief Clerk)                        (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   
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0008|     S0267CC1
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0009|   
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0010|                      FORTY-SECOND LEGISLATURE
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0011|                        SECOND SESSION, 1996
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0012|   
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0013|   
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0014|                                                   JANUARY 25, 1996
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0015|   
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0016|   Mr. President:
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0017|   
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0018|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0019|   
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0020|                           SENATE BILL 267
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0021|   
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0022|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0023|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0024|   COMMITTEE.
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0025|   
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0001|                              Respectfully submitted,
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0002|   
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0003|   
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0004|   
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0005|   
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0006|                              __________________________________
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0007|                              SENATOR MANNY M. ARAGON, Chairman 
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0008|   
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0009|   
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0010|   
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0011|   Adopted_______________________ Not Adopted_______________________
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0012|             (Chief Clerk)                        (Chief Clerk)
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0013|   
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0014|   
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0015|                     Date ________________________
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0016|   
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0017|   
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0018|   
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0019|   S0267CC1
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