0001| SENATE BILL 152 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BEN D. ALTAMIRANO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CERTAIN CAPITAL IMPROVEMENTS AT WESTERN | 0014| NEW MEXICO UNIVERSITY IN GRANT COUNTY; MAKING AN APPROPRIATION; | 0015| DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSES FOR WHICH | 0019| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax Bonding | 0022| Act in an amount not exceeding three million five hundred | 0023| ninety-nine thousand dollars ($3,599,000) when the board of | 0024| regents of western New Mexico university certifies the need for | 0025| the issuance of the bonds. The state board of finance shall | 0001| schedule the issuance and sale of the bonds in the most | 0002| expeditious and economical manner possible upon a finding by the | 0003| board that the project has been developed sufficiently to | 0004| justify the issuance and that the project can proceed to | 0005| contract within a reasonable time. The state board of finance | 0006| shall further take the appropriate steps necessary to comply | 0007| with the Internal Revenue Code of 1986, as amended. The | 0008| proceeds from the sale of the bonds are appropriated to the | 0009| board of regents of western New Mexico university in the | 0010| following amounts for the following purposes: | 0011| (1) one million nine hundred twenty thousand | 0012| dollars ($1,920,000) to design, renovate or remodel the fine | 0013| arts auditorium at western New Mexico university located in | 0014| Grant county; | 0015| (2) three hundred thousand dollars ($300,000) | 0016| to develop plans for the design and construction of a computer | 0017| science general classroom building at western New Mexico | 0018| university located in Grant county; | 0019| (3) nine hundred fifty-four thousand dollars | 0020| ($954,000) to renovate the Watts classroom building on the | 0021| campus of western New Mexico university located in Grant county; | 0022| and | 0023| (4) four hundred twenty-five thousand dollars | 0024| ($425,000) to purchase property for additional parking and | 0025| future expansion at western New Mexico university located in | 0001| Grant county. | 0002| B. If the board of regents of western New Mexico | 0003| university has not certified the need for the issuance of the | 0004| bonds by the end of fiscal year 1998, the authorization provided | 0005| in this section shall be void. Any unexpended or unencumbered | 0006| balance remaining from the proceeds of severance tax bonds | 0007| issued pursuant to Subsection A of this section at the end of | 0008| fiscal year 1999 shall revert to the severance tax bonding fund. | 0009| Section 2. EMERGENCY.--It is necessary for the public | 0010| peace, health and safety that this act take effect immediately. | 0011|  |