0001| HOUSE BILL 152
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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| MURRAY RYAN
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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 CERTAIN CAPITAL IMPROVEMENTS AT WESTERN
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0013| NEW MEXICO UNIVERSITY IN GRANT 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 eight million eight
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0022| hundred forty-eight thousand eight hundred dollars
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0023| ($8,848,800) when the board of regents of western New Mexico
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0024| university 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 western New Mexico
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0009| university in the following amounts for the following purposes:
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0010| (1) five million four hundred three thousand
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0011| dollars ($5,403,000) for the design and construction of a
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0012| center for information technology at western New Mexico
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0013| university located in Grant county;
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0014| (2) one million four hundred twenty thousand
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0015| dollars ($1,420,000) to design, renovate or remodel the fine
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0016| arts auditorium at western New Mexico university located in
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0017| Grant county;
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0018| (3) four hundred twenty-five thousand dollars
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0019| ($425,000) to purchase and improve property for additional
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0020| parking and future expansion at western New Mexico university
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0021| located in Grant county;
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0022| (4) five hundred thousand dollars ($500,000)
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0023| for the design, renovation and expansion of the child
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0024| development center at Sechlar Hall at western New Mexico
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0025| university located in Grant county;
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0001| (5) five hundred seventy-one thousand dollars
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0002| ($571,000) for infrastructure renovation and expansion at
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0003| western New Mexico university located in Grant county; and
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0004| (6) five hundred twenty-nine thousand eight
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0005| hundred dollars ($529,800) for regional extended learning
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0006| initiatives for service areas at western New Mexico university
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0007| located in Grant county.
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0008| B. If the board of regents of western New Mexico
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0009| university has not certified the need for the issuance of the
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0010| bonds by the end of fiscal year 1999, the authorization
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0011| provided in this section shall be void. Any unexpended or
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0012| unencumbered balance remaining from the proceeds of severance
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0013| tax bonds issued pursuant to Subsection A of this section at
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0014| the end of fiscal year 2000 shall revert to the severance tax
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0015| bonding fund.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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