0001|                            HOUSE BILL 436
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                          M. MICHAEL OLGUIN
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE NEW MEXICO
    |
0013|     INSTITUTE OF MINING AND TECHNOLOGY GOLF COURSE LOCATED IN
    |
0014|     SOCORRO COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0015|     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-
    |
0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0020|     issue and sell severance tax bonds in compliance with the
    |
0021|     Severance Tax Bonding Act in an amount not exceeding thirty
    |
0022|     thousand dollars ($30,000) when the board of regents of the New
    |
0023|     Mexico institute of mining and technology certifies the need
    |
0024|     for the issuance of the bonds.  The state board of finance
    |
0025|     shall schedule the issuance and sale of the bonds in the most
    |
0001|     expeditious and economical manner possible upon a finding by
    |
0002|     the board that the project has been developed sufficiently to
    |
0003|     justify the issuance and that the project can proceed to
    |
0004|     contract within a reasonable time.  The state board of finance
    |
0005|     shall further take the appropriate steps necessary to comply
    |
0006|     with the Internal Revenue Code of 1986, as amended.  The
    |
0007|     proceeds from the sale of the bonds are appropriated to the
    |
0008|     board of regents of the New Mexico institute of mining and
    |
0009|     technology for the purpose of making improvements to the golf
    |
0010|     course at the New Mexico institute of mining and technology in
    |
0011|     Socorro located in Socorro county.  Any unexpended or
    |
0012|     unencumbered balance remaining at the end of fiscal year 2000
    |
0013|     shall revert to the severance tax bonding fund.  If the board
    |
0014|     of regents of the New Mexico institute of mining and technology
    |
0015|     has not certified the need for the issuance of the bonds by the
    |
0016|     end of fiscal year 1999, the authorization provided in this
    |
0017|     section 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|                              
    |