0001|                        SENATE BILL 680
    |
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 FOR CLASSROOMS AT EASTERN NEW MEXICO
    |
0014|     UNIVERSITY IN RUIDOSO IN LINCOLN COUNTY; MAKING AN
    |
0015|     APPROPRIATION; DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0019|     and sell severance tax bonds in compliance with the Severance
    |
0020|     Tax Bonding Act in an amount not exceeding three hundred
    |
0021|     thousand dollars ($300,000) when the board of regents of eastern
    |
0022|     New Mexico university certifies the need for the issuance of the
    |
0023|     bonds.  The state board of finance shall schedule the issuance
    |
0024|     and sale of the bonds in the most expeditious and economical
    |
0025|     manner possible upon a finding by the board that the project has
    |
0001|     been developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the board of regents of eastern New Mexico
    |
0007|     university for the purpose of constructing classrooms and an
    |
0008|     instructional complex in the university center of eastern New
    |
0009|     Mexico university on the Ruidoso campus located in Lincoln
    |
0010|     county.  Any unexpended or unencumbered balance remaining at the
    |
0011|     end of fiscal year 1999 shall revert to the severance tax
    |
0012|     bonding fund.  If the board of regents of eastern New Mexico
    |
0013|     university has not certified the need for the issuance of the
    |
0014|     bonds by the end of fiscal year 1998, the authorization provided
    |
0015|     in this section shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |
0019|             
    |
0020|   
    |
0021|                    FORTY-SECOND LEGISLATURE
    |
0022|                      SECOND SESSION, 1996
    |
0023|   
    |
0024|   
    |
0025|                                              JANUARY 31, 1996
    |
0001|   
    |
0002|   Mr. President:
    |
0003|   
    |
0004|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0005|   
    |
0006|                           SENATE BILL 680
    |
0007|   
    |
0008|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0009|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
    |
0010|   COMMITTEE.
    |
0011|   
    |
0012|                              Respectfully submitted,
    |
0013|   
    |
0014|   
    |
0015|   
    |
0016|   
    |
0017|                              __________________________________
    |
0018|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0019|   
    |
0020|   
    |
0021|   
    |
0022|   Adopted_______________________ Not Adopted_______________________
    |
0023|             (Chief Clerk)                        (Chief Clerk)
    |
0024|   
    |
0025|   
    |
0001|                     Date ________________________
    |
0002|   
    |
0003|   
    |
0004|   
    |
0005|   S0680CC1
    |