0001| SENATE BILL 445 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR DEFERRED MAINTENANCE PHASE ONE ON THE | 0013| CAMPUS OF NEW MEXICO HIGHLANDS UNIVERSITY IN SAN MIGUEL COUNTY; | 0014| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding one | 0021| million seven hundred thousand dollars ($1,700,000) when the | 0022| board of regents of New Mexico highlands university certifies | 0023| the need for the issuance of the bonds. The state board of | 0024| finance shall schedule the issuance and sale of the bonds in | 0025| the most expeditious and economical manner possible upon a | 0001| finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary | 0005| to comply with the Internal Revenue Code of 1986, as amended. | 0006| The proceeds from the sale of the bonds are appropriated to the | 0007| board of regents of New Mexico highlands university for the | 0008| purpose of the deferred maintenance program phase one of New | 0009| Mexico highlands university located in San Miguel county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 2000 shall revert to the severance tax bonding | 0012| fund. If the board of regents of New Mexico highlands | 0013| university has not certified the need for the issuance of the | 0014| bonds by the end of fiscal year 1999, the authorization | 0015| provided 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| - 2 - |