0001|                           SENATE BILL 1081
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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 CAPITAL IMPROVEMENTS AT NEW MEXICO
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0013|     HIGHLANDS UNIVERSITY AND LAS VEGAS PUBLIC SCHOOLS IN SAN MIGUEL
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0014|     COUNTY; MAKING APPROPRIATIONS; 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--AUTHORIZATIONS--
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0018|     APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0006|     are appropriated for the purposes specified in Sections 2 and 3
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0007|     of this act.
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0008|               B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     section of this act.
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0013|               C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this act shall be void.
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0016|               D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019|     this act at the end of fiscal year 2000 shall revert to the
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0020|     severance tax bonding fund.
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0021|          Section 2.  SEVERANCE TAX BONDS--NEW MEXICO HIGHLANDS
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0022|     UNIVERSITY--PURPOSES.--Pursuant to the provisions of Section 1
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0023|     of this act, upon certification by the board of regents of New
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0024|     Mexico highlands university that the need exists for the
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0025|     issuance of the bonds, five hundred thousand dollars ($500,000)
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0001|     is appropriated to the board of regents of New Mexico highlands
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0002|     university for the purpose of renovating the industrial
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0003|     technology building to meet the federal Americans with
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0004|     Disabilities Act of 1990 and code requirements as well as other
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0005|     institutional needs at New Mexico highlands university located
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0006|     in San Miguel county.
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0007|          Section 2.  SEVERANCE TAX BONDS--STATE DEPARTMENT OF
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0008|     PUBLIC EDUCATION--PURPOSE--Pursuant to the priviness of Section
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0009|     1 of this act, upon certification by the state department of
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0010|     public education that the need exists for the issuance of the
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0011|     bonds, seven hundred fifty thousand dollars ($750,000) is
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0012|     appropriated to the state department of public education for
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0013|     the purpose of acquiring and installing educational technology
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0014|     in the Las Vegas city schools located in San Miguel county.
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0015|          Section 3 .  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                                  
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