0001|                         HOUSE BILL 390
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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 RESURFACE AND MAKE IMPROVEMENTS TO NEW
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0014|     MEXICO HIGHLANDS UNIVERSITY'S TRACK AND FIELD FACILITIES 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--PURPOSES FOR WHICH
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0020|     ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance
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0021|     may issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding six hundred
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0023|     thousand dollars ($600,000) when the board of regents of New
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0024|     Mexico highlands university certifies the need for the issuance
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0025|     of the bonds.  The state board of finance shall schedule the
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0001|     issuance and sale of the bonds in the most expeditious and
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0002|     economical manner possible upon a finding by the board that the
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0003|     project has been developed sufficiently to justify the issuance
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0004|     and that the project can proceed to contract within a reasonable
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0005|     time.  The state board of finance shall further take the
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0006|     appropriate steps necessary to comply with the Internal Revenue
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0007|     Code of 1986, as amended.  The proceeds from the sale of the
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0008|     bonds are appropriated to the board of regents of New Mexico
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0009|     highlands university for the purposes of resurfacing and making
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0010|     improvements to New Mexico highlands university's track and
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0011|     field facilities located in San Miguel county.  Any unexpended
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0012|     or unencumbered balance remaining at the end of fiscal year 1999
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0013|     shall revert to the severance tax bonding fund.  If the board of
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0014|     regents of New Mexico highlands university has not certified the
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0015|     need for the issuance of the bonds by the end of fiscal year
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0016|     1998, the authorization provided 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|                            - 2 -
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