0001|                            HOUSE BILL 132
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                         HENRY KIKI SAAVEDRA
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO THE BOARD OF REGENTS OF THE UNIVERSITY
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0013|     OF NEW MEXICO FOR THE PURPOSE OF PROCEEDING WITH PHASE THREE OF
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0014|     THE RENOVATION AND EXPANSION OF THE UNIVERSITY OF NEW MEXICO
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0015|     FOOTBALL STADIUM; MAKING AN APPROPRIATION; DECLARING AN
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0016|     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-
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0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021|     issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding three
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0023|     million dollars ($3,000,000) when the board of regents of the
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0024|     university of New Mexico certifies the need for the issuance of
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0025|     the bonds.  The state board of finance shall schedule the
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0001|     issuance and sale of the bonds in the most expeditious and
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0002|     economical manner possible upon a finding by the board that the
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0003|     project has been developed sufficiently to justify the issuance
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0004|     and that the project can proceed to contract within a
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0005|     reasonable time.  The state board of finance shall further take
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0006|     the appropriate steps necessary to comply with the Internal
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0007|     Revenue Code of 1986, as amended.  The proceeds from the sale
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0008|     of the bonds are appropriated to the board of regents of the
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0009|     university of New Mexico for the purpose of designing,
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0010|     planning, constructing and equipping the phase three
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0011|     continuation of the expansion and renovation of the university
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0012|     of New Mexico football stadium located in Bernalillo county.  
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0013|     Any unexpended or unencumbered balance remaining at the end of
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0014|     fiscal year 2000 shall revert to the severance tax bonding
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0015|     fund.  If the board of regents of the university of New Mexico
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0016|     has not certified the need for the issuance of the bonds by the
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0017|     end of fiscal year 1999, the authorization provided in this
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0018|     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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