0001| SENATE BILL 341 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| PETE CAMPOS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO COMPLETE PHASE ONE OF THE RENOVATION AND | 0014| IMPROVEMENTS TO THE NEW MEXICO HIGHLANDS UNIVERSITY CAMPUS | 0015| LOCATED IN SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING | 0016| AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding two million dollars | 0022| ($2,000,000) when the board of regents of New Mexico highlands | 0023| university certifies the need for the issuance of the bonds. | 0024| The state board of finance shall schedule the issuance and sale | 0025| of the bonds in the most expeditious and economical manner | 0001| possible upon a finding by the board that the project has been | 0002| developed sufficiently to justify the issuance and that the | 0003| project can proceed to contract within a reasonable time. The | 0004| state board of finance shall further take the appropriate steps | 0005| necessary to comply with the Internal Revenue Code of 1986, as | 0006| amended. The proceeds from the sale of the bonds are | 0007| appropriated to the board of regents of New Mexico highlands | 0008| university for the purpose of complying with the federal | 0009| Americans with Disabilities Act of 1990 by completing phase one | 0010| of the renovation and improvements to the New Mexico highlands | 0011| university campus located in San Miguel county. Any unexpended | 0012| or unencumbered balance remaining at the end of fiscal year 1999 | 0013| shall revert to the severance tax bonding fund. If the board of | 0014| regents of New Mexico highlands university has not certified the | 0015| need for the issuance of the bonds by the end of fiscal year | 0016| 1998, the authorization provided in this section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  | 0020|  | 0021| | 0022| FORTY-SECOND LEGISLATURE | 0023| SECOND SESSION, 1996 | 0024| | 0025| | 0001| JANUARY 26, 1996 | 0002| | 0003| Mr. President: | 0004| | 0005| Your COMMITTEES' COMMITTEE, to whom has been referred | 0006| | 0007| SENATE BILL 341 | 0008| | 0009| has had it under consideration and finds same to be GERMANE, PURSUANT | 0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0011| COMMITTEE. | 0012| | 0013| Respectfully submitted, | 0014| | 0015| | 0016| | 0017| | 0018| __________________________________ | 0019| SENATOR MANNY M. ARAGON, Chairman | 0020| | 0021| | 0022| | 0023| Adopted_______________________ Not Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| Date ________________________ | 0003| | 0004| | 0005| | 0006| S0341CC1 |