0001| HOUSE BILL 383
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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| SAMUEL F. VIGIL
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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 RENOVATE AND MAKE IMPROVEMENTS TO THE
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0014| LORA MANGUM SHIELD SCIENCE BUILDING AT NEW MEXICO HIGHLANDS
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0015| UNIVERSITY LOCATED IN SAN MIGUEL COUNTY; MAKING AN
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0016| APPROPRIATION; DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding one million dollars
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0022| ($1,000,000) when the board of regents of New Mexico highlands
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0023| university certifies the need for the issuance of the bonds.
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0024| The state board of finance shall schedule the issuance and sale
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0025| of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| 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 highlands
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0008| university for the purpose of renovating and making improvements
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0009| to the Lora Mangum Shield science building at New Mexico
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0010| highlands university located in San Miguel county. Any
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0011| unexpended or unencumbered balance remaining at the end of
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0012| fiscal year 1999 shall revert to the severance tax bonding fund.
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0013| If the board of regents of New Mexico highlands university has
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0014| not certified the need for the issuance of the bonds by the end
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0015| of fiscal year 1998, the authorization provided in this section
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0016| shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0019|
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