0001|                            HOUSE BILL 21
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                           NICK L. SALAZAR
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR NORTHERN NEW MEXICO STATE SCHOOL
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0013|     PROJECTS IN RIO ARRIBA COUNTY; MAKING AN APPROPRIATION;
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0014|     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-
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0018|     -APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding one million three
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0022|     hundred eighty-eight thousand dollars ($1,388,000) when the
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0023|     board of regents of northern New Mexico state school certifies
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0024|     the need for the issuance of the bonds.  The state board of
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0025|     finance shall schedule the issuance and sale of the bonds in
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0001|     the most expeditious and economical manner possible upon a
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0002|     finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     board of regents of northern New Mexico state school in the
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0009|     following amounts for the following projects at northern New
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0010|     Mexico state school in Rio Arriba county:
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0011|                    (1)  seven hundred thousand dollars ($700,000)
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0012|     for site drainage improvements at the Espanola campus; 
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0013|                    (2)  four hundred thousand dollars ($400,000)
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0014|     for property acquisition at the Espanola campus; and
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0015|                    (3)  two hundred eighty-eight thousand dollars
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0016|     ($288,000) for phase two water infrastructure at the El Rito
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0017|     campus.
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0018|               B.  If the board of regents of northern New Mexico
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0019|     state school has not certified the need for the issuance of the
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0020|     bonds by the end of fiscal year 1999, the authorization
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0021|     provided in this section shall be void.  Any unexpended or
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0022|     unencumbered balance remaining from the proceeds of severance
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0023|     tax bonds issued pursuant to Subsection A of this section at
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0024|     the end of fiscal year 2000 shall revert to the severance tax
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0025|     bonding fund. 
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0001|          Section 2.  EMERGENCY.--It is necessary for the public
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0002|     peace, health and safety that this act take effect immediately.
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0003|                            - 3 -
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