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