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