0001| SENATE BILL 351 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PETE CAMPOS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO CONSTRUCT AN ADDITION TO, TO REMODEL AND | 0014| TO LANDSCAPE THE VOCATIONAL AGRICULTURE FACILITY AT THE MAIN | 0015| CAMPUS OF LUNA VOCATIONAL-TECHNICAL INSTITUTE IN SAN MIGUEL | 0016| COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding one million fifty-nine thousand eight hundred four dollars ($1,059,804) when the | 0022| governing board of Luna vocational-technical institute certifies | 0023| the need for the issuance of the bonds. The state board of | 0024| finance shall schedule the issuance and sale of the bonds in the | 0025| most expeditious and economical manner possible upon a finding | 0001| by the 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| governing board of Luna vocational-technical institute for the | 0008| purpose of constructing an addition to, remodeling and | 0009| landscaping the existing vocational agriculture facility for use | 0010| as an early childhood education and permaculture center at the | 0011| main campus located in San Miguel county. Any unexpended or | 0012| unencumbered balance remaining at the end of fiscal year 1999 | 0013| shall revert to the severance tax bonding fund. If the | 0014| governing board of Luna vocational-technical institute has not | 0015| certified the need for the issuance of the bonds by the end of | 0016| fiscal year 1998, the authorization provided in this section | 0017| shall be void. | 0018| Section 2. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| | 0022| FORTY-SECOND LEGISLATURE | 0023| SECOND SESSION, 1996 | 0024| | 0025| | 0001| JANUARY 26, 1996 | 0002| | 0003| Mr. President: | 0004| | 0005| Your COMMITTEES' COMMITTEE, to whom has been referred | 0006| | 0007| SENATE BILL 351 | 0008| | 0009| has had it under consideration and finds same to be GERMANE, PURSUANT | 0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0011| COMMITTEE. | 0012| | 0013| Respectfully submitted, | 0014| | 0015| | 0016| | 0017| | 0018| __________________________________ | 0019| SENATOR MANNY M. ARAGON, Chairman | 0020| | 0021| | 0022| | 0023| Adopted_______________________ Not Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| Date ________________________ | 0003| | 0004| | 0005| | 0006| S0351CC1 |