0001| HOUSE BILL 775
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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| LINDA M. LOVEJOY
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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 THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| .110992.1 State of New Mexico
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0016| House of Representatives
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0017|
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0018| FORTY-SECOND LEGISLATURE
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0019| SECOND SESSION, 1996
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0020|
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0021|
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0022| February 10, 1996
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0023|
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0024|
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0025| Mr. Speaker:
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0001|
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0002| Your GOVERNMENT AND URBAN AFFAIRS COMMITTEE, to
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0003| whom has been referred
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0004|
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0005| HOUSE BILL 775
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0006|
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0007| has had it under consideration and reports same with
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0008| recommendation that it DO NOT PASS, but that
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0009|
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0010| HOUSE GOVERNMENT AND URBAN AFFAIRS COMMITTEE
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0011| SUBSTITUTE FOR HOUSE BILL 775
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0012|
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0013| DO PASS.
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0014|
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0015| Respectfully submitted,
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0016|
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0017|
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0018|
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0019|
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0020| Lynda M. Lovejoy, Chairwoman
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0021|
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0022|
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0023| Adopted Not Adopted
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0024|
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0025| (Chief Clerk) (Chief Clerk)
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0001|
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0002| Date
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0003|
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0004| The roll call vote was 11 For 0 Against
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0005| Yes: 11
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0006| Excused: None
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0007| Absent: None
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0008|
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0009|
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0010|
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0011| HO775GU1 HOUSE GOVERNMENT AND URBAN AFFAIRS COMMITTEE SUBSTITUTE FOR
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0012| HOUSE BILL 775
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0013| 42nd legislature - STATE OF NEW MEXICO - second session, 1996
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0014|
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0015|
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0016|
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0018|
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0019|
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0020|
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0021| AN ACT
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0022| RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0023| AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS TO COMPLETE
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0024| PHASE III CONSTRUCTION OF THE GALLUP INSTRUCTIONAL LABORATORY
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0025| FACILITY OF THE UNIVERSITY OF NEW MEXICO IN MCKINLEY COUNTY;
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0001| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0002|
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0003| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0004| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0005| and sell severance tax bonds in compliance with the Severance
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0006| Tax Bonding Act in an amount not exceeding one million two
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0007| hundred fifteen thousand dollars ($1,215,000) when the board of
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0008| regents of the university of New Mexico certifies the need for
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0009| the issuance of the bonds. The state board of finance shall
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0010| schedule the issuance and sale of the bonds in the most
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0011| expeditious and economical manner possible upon a finding by the
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0012| board that the project has been developed sufficiently to
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0013| justify the issuance and that the project can proceed to
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0014| contract within a reasonable time. The state board of finance
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0015| shall further take the appropriate steps necessary to comply
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0016| with the Internal Revenue Code of 1986, as amended. The
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0017| proceeds from the sale of the bonds are appropriated to the
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0018| board of regents of the university of New Mexico for the purpose
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0019| of completing phase III construction of the Gallup instructional
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0020| laboratory facility of the university of New Mexico located in
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0021| McKinley county. Any unexpended or unencumbered balance
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0022| remaining six months after completion of the project shall
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0023| revert to the severance tax bonding fund. If the board of
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0024| regents of the university of New Mexico has not certified the
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0025| need for the issuance of the bonds by the end of fiscal year
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0001| 1999, the authorization provided in this section shall be void.
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0002| Section 2. EMERGENCY.--It is necessary for the public
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0003| peace, health and safety that this act take effect immediately.
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0004| - 2 -
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