0001|                            HOUSE BILL 413
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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|                            J. PAUL TAYLOR
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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 TO DESIGN, CONSTRUCT AND EQUIP A BUILDING
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0013|     TO HOUSE CLASSROOMS, SCIENTIFIC LABORATORIES AND ADMINISTRATIVE
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0014|     AND FACULTY OFFICES ON THE MAIN CAMPUS OF NEW MEXICO STATE
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0015|     UNIVERSITY IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
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0016|     DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0021|     issue and sell severance tax bonds in compliance with the
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0022|     Severance Tax Bonding Act in an amount not exceeding seventeen
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0023|     million three hundred fifty thousand dollars ($17,350,000) when
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0024|     the board of regents of New Mexico state university certifies
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0025|     the need for the issuance of the bonds.  The state board of
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0001|     finance shall schedule the issuance and sale of the bonds in
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0002|     the most expeditious and economical manner possible upon a
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0003|     finding by the board that the project has been developed
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0004|     sufficiently to justify the issuance and that the project can
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0005|     proceed to contract within a reasonable time.  The state board
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0006|     of finance shall further take the appropriate steps necessary
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0007|     to comply with the Internal Revenue Code of 1986, as amended. 
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0008|     The proceeds from the sale of the bonds are appropriated to the
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0009|     board of regents of New Mexico state university for the purpose
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0010|     of designing, constructing and equipping a building to house
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0011|     classrooms, scientific laboratories and administrative and
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0012|     faculty offices on the main campus at New Mexico state
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0013|     university located in Dona Ana county.  Any unexpended or
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0014|     unencumbered balance remaining at the end of fiscal year 2000
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0015|     shall revert to the severance tax bonding fund.  If the board
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0016|     of regents of New Mexico state university has not certified the
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0017|     need for the issuance of the bonds by the end of fiscal year
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0018|     1999, the authorization provided in this section shall be void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                                  
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