0001| SENATE BILL 685 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| STUART INGLE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS TO THE CAMPUS OF | 0013| EASTERN NEW MEXICO UNIVERSITY IN ROOSEVELT 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.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding one million fifty-five | 0022| thousand dollars ($1,055,000) when the board of regents of | 0023| eastern New Mexico university certifies the need for the | 0024| issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| board of regents of eastern New Mexico university in Roosevelt | 0009| county in the following amounts for the following purposes: | 0010| (1) one hundred thousand dollars ($100,000) to | 0011| re-roof the student health services and post office of Lea | 0012| hall; | 0013| (2) sixty-five thousand dollars ($65,000) to | 0014| remove the faulty solar heating roof system from the college of | 0015| business and modernize the building's heating and cooling | 0016| system; | 0017| (3) thirty thousand dollars ($30,000) to | 0018| replace the faulty concrete area of the campus student union | 0019| student event mall; | 0020| (4) seven hundred fifty thousand dollars | 0021| ($750,000) to conduct an emergency renovation of the heating | 0022| and cooling system for DeBaca hall that has been closed since | 0023| 1995 because of critical problems in the building; | 0024| (5) thirty-five thousand dollars ($35,000) to | 0025| begin replacement of the campus vehicle fleet with the purchase | 0001| of club carts; and | 0002| (6) seventy-five thousand dollars ($75,000) to | 0003| convert the reserve officers training corps building into an | 0004| academic facility and mitigate the firing range lead pollution. | 0005| B. If the board of regents of eastern New Mexico | 0006| university has not certified the need for the issuance of the | 0007| bonds by the end of fiscal year 1999, the authorization | 0008| provided in this section shall be void. Any unexpended or | 0009| unencumbered balance remaining from the proceeds of severance | 0010| tax bonds issued pursuant to Subsection A of this section at | 0011| the end of fiscal year 2000 shall revert to the severance tax | 0012| bonding fund. | 0013| Section 2. EMERGENCY.--It is necessary for the public | 0014| peace, health and safety that this act take effect immediately. | 0015|  |