0001| HOUSE BILL 48 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| RON GENTRY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PAVE AND LIGHT A PARKING LOT AT THE | 0014| UNIVERSITY OF NEW MEXICO VALENCIA BRANCH CAMPUS LOCATED IN | 0015| VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding sixty thousand | 0022| dollars ($60,000) when the board of regents of the university of | 0023| New Mexico certifies the need for the issuance of the bonds. | 0024| The state board of finance shall schedule the issuance and sale | 0025| of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the board of regents of the university of New | 0008| Mexico for the purpose of paving and lighting a parking lot at | 0009| the university of New Mexico Valencia branch campus located in | 0010| Valencia county. Any unexpended or unencumbered balance | 0011| remaining at the end of fiscal year 1999 shall revert to the | 0012| severance tax bonding fund. If the board of regents of the | 0013| university of New Mexico has not certified the need for the | 0014| issuance of the bonds by the end of fiscal year 1998, the | 0015| authorization 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|  | 0019| |