0001|                           SENATE BILL 474
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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|                             STUART INGLE
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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 FOR CAPITAL IMPROVEMENTS AT EASTERN NEW
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0013|     MEXICO UNIVERSITY IN ROOSEVELT 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 four hundred ninety-four
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0022|     thousand five hundred dollars ($494,500) when the board of
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0023|     regents of eastern new Mexico university certifies the need for
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0024|     the issuance of the bonds.  The state board of finance shall
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0025|     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 eastern New Mexico university in the
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0009|     following amounts for the following purposes for projects at
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0010|     eastern New Mexico university in Roosevelt county:
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0011|                    (1)  one hundred thousand dollars ($100,000) to
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0012|     construct facilities for the women's softball team;
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0013|                    (2)  ninety thousand dollars ($90,000) to equip
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0014|     the fitness and exercise room;
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0015|                    (3)  twenty-two thousand five hundred dollars
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0016|     ($22,500) for a watering system for three football practice
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0017|     fields;
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0018|                    (4)  forty thousand dollars ($40,000) to sand
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0019|     and refurbish the Greyhound arena gym floors;
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0020|                    (5)  eighty-five thousand dollars ($85,000) to
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0021|     construct the Zia tennis facility, including restrooms,
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0022|     dressing rooms, storage rooms for equipment and bleachers for
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0023|     spectators;
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0024|                    (6)  nineteen thousand dollars ($19,000) to
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0025|     equip the laundry room in the football field house;
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0001|                    (7)  thirty-eight thousand dollars ($38,000)
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0002|     for athletic training rehabilitation equipment;
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0003|                    (8)  sixty thousand dollars ($60,000) for a
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0004|     twenty-five passenger minibus; and
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0005|                    (9)  forty thousand dollars ($40,000) for a
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0006|     Greyhound arena scoreboard.
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0007|               B.  If the board of regents of eastern New Mexico
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0008|     university has not certified the need for the issuance of the
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0009|     bonds by the end of fiscal year 1999, the authorization
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0010|     provided in this section shall be void.  Any unexpended or
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0011|     unencumbered balance remaining from the proceeds of severance
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0012|     tax bonds issued pursuant to Subsection A of this section at
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0013|     the end of fiscal year 2000 shall revert to the severance tax
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0014|     bonding fund. 
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                                  
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