0001| HOUSE BILL 1163
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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| GAIL C. BEAM
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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 CAPITAL PROJECTS AT THE UNIVERSITY OF
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0013| NEW MEXICO IN BERNALILLO 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--PURPOSES FOR WHICH
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0018| ISSUED--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 three million three
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0022| hundred seventy-five thousand dollars ($3,375,000) when the
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0023| board of regents of the university of New Mexico certifies the
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0024| need for the issuance of the bonds. The state board of finance
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0025| shall schedule the issuance and sale of the bonds in the most
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0001| expeditious and economical manner possible upon a finding by
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0002| the board that the project has been developed sufficiently to
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0003| justify the issuance and that the project can proceed to
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0004| contract within a reasonable time. The state board of finance
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0005| shall further take the appropriate steps necessary to comply
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0006| with the Internal Revenue Code of 1986, as amended. The
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0007| proceeds from the sale of the bonds are appropriated to the
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0008| board of regents of the university of New Mexico in the
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0009| following amounts for the following purposes at the university
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0010| of New Mexico in Bernalillo county:
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0011| (1) two million dollars ($2,000,000) for
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0012| instructional and student services facilities upgrades;
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0013| (2) one million one hundred twenty-five
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0014| thousand dollars ($1,125,000) for renovations and improvements
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0015| for the purpose of complying with requirements of the Americans
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0016| with Disabilities Act of 1990; and
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0017| (3) two hundred fifty thousand dollars
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0018| ($250,000) to plan an administrative services building.
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0019| B. If the board of regents of the university of New
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0020| Mexico has not certified the need for the issuance of the bonds
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0021| by the end of fiscal year 1999, the authorization provided in
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0022| this section shall be void. Any unexpended or unencumbered
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0023| balance remaining from the proceeds of severance tax bonds
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0024| issued pursuant to Subsection A of this section at the end of
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0025| fiscal year 2000 shall revert to the severance tax bonding
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0001| fund.
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0002| Section 2. EMERGENCY.--It is necessary for the public
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0003| peace, health and safety that this act take effect immediately.
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0004|
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