0001|                        SENATE BILL 779
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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|                         TOM RUTHERFORD
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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 CAPITAL PROJECTS IN BERNALILLO COUNTY;
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0014|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
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0018|            A.  The state board of finance may issue and sell
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0019|     severance tax bonds in compliance with the Severance Tax Bonding
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0020|     Act in an amount not exceeding three million one hundred
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0021|     thousand dollars ($3,100,000) when the board of regents of the
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0022|     university of New Mexico certifies the need for the issuance of
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0023|     the bonds.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  The proceeds from the sale of the
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0006|     bonds are appropriated to the board of regents of the university
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0007|     of New Mexico in the following amounts for the following
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0008|     purposes:
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0009|                 (1)  two million dollars ($2,000,000) to
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0010|     purchase and install patient care equipment for the Bernalillo
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0011|     county medical center; and
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0012|                 (2)  one million one hundred thousand dollars
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0013|     ($1,100,000) to plan and design a health sciences education
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0014|     building at the university of New Mexico health sciences center
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0015|     located in Bernalillo county.
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0016|            B.  If the board of regents of the university of New
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0017|     Mexico has not certified the need for the issuance of the bonds
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0018|     by the end of fiscal year 1998, the authorization provided in
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0019|     this section shall be void.  Any unexpended or unencumbered
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0020|     balance remaining from the proceeds of severance tax bonds
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0021|     issued pursuant to Subsection A of this section at the end of
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0022|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0023|       Section 2.  EMERGENCY.--It is necessary for the public
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0024|     peace, health and safety that this act take effect immediately.
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0025|                                      
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0001|   
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0002|                    FORTY-SECOND LEGISLATURE
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0003|                      SECOND SESSION, 1996
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0004|   
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0005|   
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0006|                                              JANUARY 31, 1996
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0007|   
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0008|   Mr. President:
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0009|   
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0010|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|   
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0012|                           SENATE BILL 779
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0013|   
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0014|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0015|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0016|   COMMITTEE.
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0017|   
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0018|                              Respectfully submitted,
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0019|   
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0020|   
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0021|   
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0022|   
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0023|                              __________________________________
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0024|                              SENATOR MANNY M. ARAGON, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________ Not Adopted_______________________
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0004|             (Chief Clerk)                        (Chief Clerk)
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   
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0011|   s0779cc1
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