0001| HOUSE BILL 333 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1996 | 0003| INTRODUCED BY | 0004| R. DAVID PEDERSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO CONSTRUCT AN EDUCATION CENTER ON THE | 0013| NORTH SIDE OF THE CITY OF GALLUP FOR THE GALLUP BRANCH OF THE | 0014| UNIVERSITY OF NEW MEXICO IN MCKINLEY COUNTY; MAKING AN | 0015| APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding one hundred thousand | 0021| dollars ($100,000) when the board of regents of the university | 0022| of New Mexico certifies the need for the issuance of the bonds. | 0023| The state board of finance shall schedule the issuance and sale | 0024| of the bonds in the most expeditious and economical manner | 0025| possible upon a finding by the board that the project has been | 0001| developed sufficiently to justify the issuance and that the | 0002| project can proceed to contract within a reasonable time. The | 0003| state board of finance shall further take the appropriate steps | 0004| necessary to comply with the Internal Revenue Code of 1986, as | 0005| amended. The proceeds from the sale of the bonds are | 0006| appropriated to the board of regents of the university of New | 0007| Mexico for the purpose of constructing an education center on | 0008| the north side of the city of Gallup for the Gallup branch of | 0009| the university of New Mexico located in McKinley county. Any | 0010| unexpended or unencumbered balance remaining at the end of | 0011| fiscal year 1999 shall revert to the severance tax bonding fund. | 0012| If the board of regents of the university of New Mexico has not | 0013| certified the need for the issuance of the bonds by the end of | 0014| fiscal year 1998, the authorization provided in this section | 0015| 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| - 2 - | 0019| |