0001|                        HOUSE BILL 388
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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 COMPLETE PHASE ONE OF THE DEFERRED
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0014|     MAINTENANCE PROJECTS AT NEW MEXICO HIGHLANDS UNIVERSITY LOCATED
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0015|     IN SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0016|     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 seven
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0022|     hundred thousand dollars ($1,700,000) when the board of regents
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0023|     of New Mexico highlands university certifies the need for the
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0024|     issuance of the bonds.  The state board of finance shall
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0025|     schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by the
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0002|     board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     board of regents of New Mexico highlands university for the
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0009|     purpose of completing phase one of the deferred maintenance
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0010|     projects at New Mexico highlands university located in San
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0011|     Miguel county.  Any unexpended or unencumbered balance remaining
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0012|     at the end of fiscal year 1999 shall revert to the severance tax
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0013|     bonding fund.  If the board of regents of New Mexico highlands
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0014|     university has not certified the need for the issuance of the
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0015|     bonds by the end of fiscal year 1998, the authorization provided
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0016|     in this section 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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