0001|                            HOUSE BILL 578
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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|                          RICHARD T. KNOWLES
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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 CAPITAL IMPROVEMENTS AT THE ROSWELL
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0013|     BRANCH OF EASTERN NEW MEXICO UNIVERSITY AND NEW MEXICO MILITARY
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0014|     INSTITUTE LOCATED IN CHAVES COUNTY; MAKING APPROPRIATIONS;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0019|     APPROPRIATION OF PROCEEDS.--
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0020|               A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax
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0022|     Bonding Act in an amount not to exceed the total of the amounts
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0023|     authorized for purposes specified in Sections 2 and 3 of this
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0024|     act.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project
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0002|     has been developed sufficiently to justify the issuance and
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0003|     that the project can proceed to contract within a reasonable
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0004|     time.  The state board of finance shall further take the
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0005|     appropriate steps necessary to comply with the Internal Revenue
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0006|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0007|     are appropriated for the purposes specified in Sections 2 and 3
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0008|     of this act.
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0009|               B.  The agencies named in Sections 2 and 3 of this
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0010|     act shall certify to the state board of finance when the money
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0011|     from the proceeds of the severance tax bonds authorized in this
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0012|     section is needed for the purposes specified in the applicable
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0013|     section of this act.
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0014|               C.  If the specified agency has not certified the
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0015|     need for the issuance of the bonds by the end of fiscal year
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0016|     1999, the authorization provided in this act shall be void.
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0017|               D.  Unless otherwise specified in this act, any
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0018|     unexpended or unencumbered balance remaining from the proceeds
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0019|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0020|     this act at the end of fiscal year 2000 shall revert to the
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0021|     severance tax bonding fund.
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0022|          Section 2.  SEVERANCE TAX BONDS--EASTERN NEW MEXICO
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0023|     UNIVERSITY--PURPOSE.--Pursuant to the provisions of Section 1
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0024|     of this act, upon certification by the board of regents of
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0025|     eastern New Mexico university that the need exists for the
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0001|     issuance of the bonds, one million six hundred thousand dollars
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0002|     ($1,600,000) is appropriated to the board of regents of eastern
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0003|     New Mexico university to remodel, construct, equip and furnish
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0004|     an addition to the instructional center at the Roswell branch
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0005|     located in Chaves county.
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0006|          Section 3.  SEVERANCE TAX BONDS--NEW MEXICO MILITARY
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0007|     INSTITUTE--PURPOSE.--Pursuant to the provisions of Section 1 of
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0008|     this act, upon certification by the board of regents of New
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0009|     Mexico military institute that the need exists for the issuance
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0010|     of the bonds, one million nine hundred thousand dollars
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0011|     ($1,900,000) is appropriated to the board of regents of New
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0012|     Mexico military institute to renovate and upgrade Wilson hall
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0013|     located in Chaves county.
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0014|          Section 4.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                  
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