0001|                            SENATE BILL 59
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                         MARY JANE M. GARCIA
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS TO CONDUCT PHASE TWO OF A PROJECT TO
    |
0013|     DESIGN, CONSTRUCT AND EQUIP A HEALTH AND PUBLIC SERVICE
    |
0014|     FACILITY AT THE DONA ANA BRANCH OF NEW MEXICO STATE UNIVERSITY
    |
0015|     IN DONA ANA COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0016|     EMERGENCY.
    |
0017|     
    |
0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0019|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
0020|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
    |
0021|     issue and sell severance tax bonds in compliance with the
    |
0022|     Severance Tax Bonding Act in an amount not exceeding two
    |
0023|     million one hundred eighty-four thousand dollars
    |
0024|     ($2,184,000) when the board of regents of New Mexico state
    |
0025|     university certifies the need for the issuance of the bonds. 
    |
0001|     The state board of finance shall schedule the issuance and sale
    |
0002|     of the bonds in the most expeditious and economical manner
    |
0003|     possible upon a finding by the board that the project has been
    |
0004|     developed sufficiently to justify the issuance and that the
    |
0005|     project can proceed to contract within a reasonable time.  The
    |
0006|     state board of finance shall further take the appropriate steps
    |
0007|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0008|     amended.  The proceeds from the sale of the bonds are
    |
0009|     appropriated to the board of regents of New Mexico state
    |
0010|     university for the purpose of conducting phase two of a project
    |
0011|     to design, construct and equip a health and public service
    |
0012|     facility at the Dona Ana branch of New Mexico state university
    |
0013|     located in Dona Ana county.  Any unexpended or unencumbered
    |
0014|     balance remaining at the end of fiscal year 2000 shall revert
    |
0015|     to the severance tax bonding fund.  If the board of regents of
    |
0016|     New Mexico state university has not certified the need for the
    |
0017|     issuance of the bonds by the end of fiscal year 1999, the
    |
0018|     authorization provided in this section shall be void.
    |
0019|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0020|     peace, health and safety that this act take effect immediately.
    |
0021|                                  
    |