0001| . HOUSE BILL 137
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| DAVID M. PARSONS\
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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|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS TO PLAN AND DESIGN A NEW UNIVERSITY
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0014| INSTRUCTIONAL CENTER FOR EASTERN NEW MEXICO UNIVERSITY AT
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0015| ROSWELL IN CHAVES COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0016| EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding three hundred
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0022| thousand dollars ($300,000) when the board of regents of eastern
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0023| New Mexico university certifies the need for the issuance of the
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0024| bonds. The state board of finance shall schedule the issuance
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0025| and sale of the bonds in the most expeditious and economical
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0001| manner possible upon a finding by the board that the project has
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0002| been developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time. The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006| amended. The proceeds from the sale of the bonds are
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0007| appropriated to the board of regents of eastern New Mexico
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0008| university for the purpose of planning and designing a new
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0009| university instructional center at eastern New Mexico university
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0010| in Roswell located in Chaves county. Any unexpended or
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0011| unencumbered balance remaining at the end of fiscal year 1999
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0012| shall revert to the severance tax bonding fund. If the board of
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0013| regents of eastern New Mexico university has not certified the
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0014| need for the issuance of the bonds by the end of fiscal year
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0015| 1998, the authorization provided in this section shall be void.
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0016| Section 2. EMERGENCY.--It is necessary for the public
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0017| peace, health and safety that this act take effect immediately.
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