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|                                  
    |