0001|                         HOUSE BILL 242
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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|                         J. PAUL TAYLOR
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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 TO DESIGN, CONSTRUCT AND EQUIP A BUILDING TO
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0014|     HOUSE CLASSROOMS, SCIENTIFIC LABORATORIES AND ADMINISTRATIVE AND
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0015|     FACULTY OFFICES ON THE MAIN CAMPUS OF NEW MEXICO STATE
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0016|     UNIVERSITY IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
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0017|     DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0021|     and sell severance tax bonds in compliance with the Severance
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0022|     Tax Bonding Act in an amount not exceeding fourteen million one
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0023|     hundred twenty-five thousand dollars ($14,125,000) when the
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0024|     board of regents of New Mexico state university certifies the
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0025|     need for the issuance of the bonds.  The state board of finance
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0001|     shall schedule the issuance and sale of the bonds in the most
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0002|     expeditious and economical manner possible upon a finding by the
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0003|     board that the project has been developed sufficiently to
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0004|     justify the issuance and that the project can proceed to
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0005|     contract within a reasonable time.  The state board of finance
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0006|     shall further take the appropriate steps necessary to comply
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0007|     with the Internal Revenue Code of 1986, as amended.  The
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0008|     proceeds from the sale of the bonds are appropriated to the
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0009|     board of regents of New Mexico state university for the purpose
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0010|     of designing, constructing and equipping a building to house
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0011|     classrooms, scientific laboratories and administrative and
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0012|     faculty offices on the main campus at New Mexico state
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0013|     university located in Dona Ana county.  Any unexpended or
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0014|     unencumbered balance remaining at the end of fiscal year 1999
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0015|     shall revert to the severance tax bonding fund.  If the board of
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0016|     regents of New Mexico state university has not certified the
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0017|     need for the issuance of the bonds by the end of fiscal year
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0018|     1998, the authorization provided in this section shall be void.
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0019|       Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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