0001| 
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0002|                        SENATE BILL 693
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0003|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0004|     1996
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0005|                         INTRODUCED BY
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0006|                        MANNY M. ARAGON
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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|     
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0012|                             AN ACT
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0013|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0014|     SEVERANCE TAX BONDS TO CONDUCT A FEASIBILITY STUDY TO DESIGN,
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0015|     CONSTRUCT AND EQUIP A NEW SCHOOL OF ARCHITECTURE AND PLANNING
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0016|     BUILDING AT THE UNIVERSITY OF NEW MEXICO LOCATED IN BERNALILLO
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0017|     COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0021|     and sell severance tax bonds in compliance with the Severance
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0022|     Tax Bonding Act in an amount not exceeding five hundred thousand
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0023|     dollars ($500,000) when the board of regents of the university
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0024|     of New Mexico certifies the need for the issuance of the bonds. 
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0025|     The state board of finance shall schedule the issuance and sale
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0001|     of the bonds in the most expeditious and economical manner
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0002|     possible upon a finding by the board that the project has been
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0003|     developed sufficiently to justify the issuance and that the
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0004|     project can proceed to contract within a reasonable time.  The
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0005|     state board of finance shall further take the appropriate steps
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0006|     necessary to comply with the Internal Revenue Code of 1986, as
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0007|     amended.  The proceeds from the sale of the bonds are
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0008|     appropriated to the board of regents of t university of New
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0009|     Mexico  for the purpose of conducting a feasibility study to
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0010|     design, construct and equip a new school of architecture and
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0011|     planning building at eh university of New Mexico located in
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0012|     Bernalillo county.  Any unexpended or unencumbered balance
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0013|     remaining at the end of fiscal year 1999 shall revert to the
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0014|     severance tax bonding fund.  If the board of regents of the
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0015|     university of New Mexico has not certified the need for the
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0016|     issuance of the bonds by the end of fiscal year 1998, the
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0017|     authorization provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                                      
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0021|   
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0022|                    FORTY-SECOND LEGISLATURE
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0023|                      SECOND SESSION, 1996
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0024|   
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0025|   
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0001|                                              JANUARY 31, 1996
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0002|   
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0003|   Mr. President:
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0004|   
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0005|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|   
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0007|                           SENATE BILL 693
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0008|   
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0009|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0010|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0011|   COMMITTEE.
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0012|   
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0013|                              Respectfully submitted,
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0014|   
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0015|   
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0016|   
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0017|   
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0018|                              __________________________________
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0019|                              SENATOR MANNY M. ARAGON, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________ Not Adopted_______________________
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0024|             (Chief Clerk)                        (Chief Clerk)
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0025|   
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0001|   
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0002|                     Date ________________________
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0003|   
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0004|   
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0005|   
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0006|   S0693CC1
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