0001|                         HOUSE BILL 53
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                   RICHARD T. (DICK) KNOWLES
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS AT NEW MEXICO MILITARY
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0014|     INSTITUTE IN CHAVES COUNTY; MAKING AN APPROPRIATION; DECLARING
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0015|     AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--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 Bonding
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0021|     Act in an amount not exceeding five million six hundred thousand
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0022|     dollars ($5,600,000) when the board of regents of New Mexico
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0023|     military institute certifies the need for the issuance of the
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0024|     bonds.  The state board of finance shall schedule the issuance
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0025|     and sale of the bonds in the most expeditious and economical
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0001|     manner possible upon a finding by the board that the project has
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0002|     been developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the board of regents of New Mexico military
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0008|     institute in Chaves county in the following amounts for the
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0009|     following purposes:
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0010|                 (1)  three million two hundred thousand dollars
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0011|     ($3,200,000) to rebuild, expand and equip Saunders barracks; and
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0012|                 (2)  two million four hundred thousand dollars
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0013|     ($2,400,000) for renovation of and improvements to Pearson
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0014|     auditorium.
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0015|            B.  If the board of regents of New Mexico military
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0016|     institute has not certified the need for the issuance of the
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0017|     bonds by the end of fiscal year 1998, the authorization provided
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0018|     in this section shall be void.  Any unexpended or unencumbered
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0019|     balance remaining from the proceeds of severance tax bonds
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0020|     issued pursuant to Subsection A of this section at the end of
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0021|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0022|       Section 2.  EMERGENCY.--It is necessary for the public
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0023|     peace, health and safety that this act take effect immediately.
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0024|                              
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