0001| SENATE BILL 945 | 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 CAPITAL IMPROVEMENTS AT EASTERN NEW | 0013| MEXICO UNIVERSITY AT RUIDOSO INSTRUCTION CENTER IN LINCOLN | 0014| COUNTY; 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--PURPOSES FOR WHICH | 0018| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding two hundred thirty-nine | 0022| thousand dollars ($239,000) when the board of regents of | 0023| eastern New Mexico university certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| 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 eastern New Mexico university in the | 0009| following amounts for the following purposes at the Ruidoso | 0010| instruction center in Lincoln county: | 0011| (1) forty-eight thousand dollars ($48,000) for | 0012| computer equipment; | 0013| (2) thirty-four thousand dollars ($34,000) to | 0014| expand the library; | 0015| (3) seventy-two thousand dollars ($72,000) to | 0016| construct an addition to serve as a study area, for student | 0017| services and as faculty offices; | 0018| (4) fifty thousand dollars ($50,000) for a | 0019| daytime classroom for the growing number of younger students | 0020| requesting classes; and | 0021| (5) thirty-five thousand dollars ($35,000) for | 0022| bathroom facilities. | 0023| B. If the board of regents of eastern New Mexico | 0024| university has not certified the need for the issuance of the | 0025| bonds by the end of fiscal year 1999, the authorization | 0001| provided in this section shall be void. Any unexpended or | 0002| unencumbered balance remaining from the proceeds of severance | 0003| tax bonds issued pursuant to Subsection A of this section at | 0004| the end of fiscal year 2000 shall revert to the severance tax | 0005| bonding fund. | 0006| Section 2. EMERGENCY.--It is necessary for the public | 0007| peace, health and safety that this act take effect immediately. | 0008|  |