0001|                            HOUSE BILL 152
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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|                             MURRAY RYAN
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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 FOR CERTAIN CAPITAL IMPROVEMENTS AT WESTERN
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0013|     NEW MEXICO UNIVERSITY IN GRANT COUNTY; MAKING AN APPROPRIATION;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding eight million eight
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0022|     hundred forty-eight thousand eight hundred dollars
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0023|     ($8,848,800) when the board of regents of western New Mexico
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0024|     university certifies the need for the issuance of the bonds. 
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0025|     The state board of finance shall schedule the issuance and sale
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0001|     of the bonds in the most expeditious and economical manner
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0002|     possible upon a finding by the board that the project has been
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0003|     developed sufficiently to justify the issuance and that the
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0004|     project can proceed to contract within a reasonable time.  The
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0005|     state board of finance shall further take the appropriate steps
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0006|     necessary to comply with the Internal Revenue Code of 1986, as
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0007|     amended.  The proceeds from the sale of the bonds are
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0008|     appropriated to the board of regents of western New Mexico
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0009|     university in the following amounts for the following purposes:
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0010|                    (1)  five million four hundred three thousand
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0011|     dollars ($5,403,000) for the design and construction of a
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0012|     center for information technology at western New Mexico
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0013|     university located in Grant county;
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0014|                    (2)  one million four hundred twenty thousand
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0015|     dollars ($1,420,000) to design, renovate or remodel the fine
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0016|     arts auditorium at western New Mexico university located in
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0017|     Grant county;
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0018|                    (3)  four hundred twenty-five thousand dollars
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0019|     ($425,000) to purchase and improve property for additional
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0020|     parking and future expansion at western New Mexico university
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0021|     located in Grant county;
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0022|                    (4)  five hundred thousand dollars ($500,000)
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0023|     for the design, renovation and expansion of the child
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0024|     development center at Sechlar Hall at western New Mexico
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0025|     university located in Grant county;
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0001|                    (5)  five hundred seventy-one thousand dollars
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0002|     ($571,000) for infrastructure renovation and expansion at
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0003|     western New Mexico university located in Grant county; and
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0004|                    (6)  five hundred twenty-nine thousand eight
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0005|     hundred dollars ($529,800) for regional extended learning
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0006|     initiatives for service areas at western New Mexico university
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0007|     located in Grant county.
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0008|               B.  If the board of regents of western New Mexico
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0009|     university has not certified the need for the issuance of the
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0010|     bonds by the end of fiscal year 1999, the authorization
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0011|     provided in this section shall be void.  Any unexpended or
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0012|     unencumbered balance remaining from the proceeds of severance
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0013|     tax bonds issued pursuant to Subsection A of this section at
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0014|     the end of fiscal year 2000 shall revert to the severance tax
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0015|     bonding fund. 
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0016|          Section 2.  EMERGENCY.--It is necessary for the public
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0017|     peace, health and safety that this act take effect immediately.
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0018|                                  
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