0001|                         HOUSE BILL 258
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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|                         MICHAEL OLGUIN
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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 RENOVATE AND DESIGN, CONSTRUCT AND EQUIP
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0014|     A NEW ADDITION TO JONES HALL ON THE NEW MEXICO INSTITUTE OF
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0015|     MINING AND TECHNOLOGY CAMPUS LOCATED IN SOCORRO COUNTY; MAKING
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0016|     AN APPROPRIATION; DECLARING AN 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 six million four
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0022|     hundred fifty thousand dollars ($6,450,000) when the board of
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0023|     regents of New Mexico institute of mining and technology
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0024|     certifies the need for the issuance of the bonds.  The state
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0025|     board of finance shall schedule the issuance and sale of the
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0001|     bonds in the most expeditious and economical manner possible
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0002|     upon a finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary to
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0006|     comply 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 New Mexico institute of mining and
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0009|     technology for the purpose of renovating and designing,
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0010|     constructing and equipping a new addition to Jones Hall on the
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0011|     New Mexico institute of mining and technology campus located in
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0012|     Socorro county.  Any unexpended or unencumbered balance
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0013|     remaining at the end of fiscal year 1999 shall revert to the
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0014|     severance tax bonding fund.  If the board of regents of New
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0015|     Mexico institute of mining and technology has not certified the
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0016|     need for the issuance of the bonds by the end of fiscal year
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0017|     1998, the authorization provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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0021|     
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