0001| SENATE BILL 432 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PETE CAMPOS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR UTILITIES REPAIRS AND RECONSTRUCTION AT | 0013| NEW MEXICO HIGHLANDS UNIVERSITY IN SAN MIGUEL COUNTY; MAKING AN | 0014| APPROPRIATION; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0019| issue and sell severance tax bonds in compliance with the | 0020| Severance Tax Bonding Act in an amount not exceeding one | 0021| million dollars ($1,000,000) when the board of regents of New | 0022| Mexico highlands university certifies the need for the issuance | 0023| of the bonds. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a | 0003| reasonable time. The state board of finance shall further take | 0004| the appropriate steps necessary to comply with the Internal | 0005| Revenue Code of 1986, as amended. The proceeds from the sale | 0006| of the bonds are appropriated to the board of regents of New | 0007| Mexico highlands university for the purpose of repairing, | 0008| enhancing and reconstructing various utility infrastructures on | 0009| the campus of New Mexico highlands university located in San | 0010| Miguel county. Any unexpended or unencumbered balance | 0011| remaining at the end of fiscal year 2000 shall revert to the | 0012| severance tax bonding fund. If the board of regents of New | 0013| Mexico highlands university has not certified the need for the | 0014| issuance of the bonds by the end of fiscal year 1999, the | 0015| authorization provided in this section shall be void. | 0016| Section 2. EMERGENCY.--It is necessary for the public | 0017| peace, health and safety that this act take effect immediately. | 0018|  |