0001| HOUSE BILL 380
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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| SAMUEL F. VIGIL
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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 DEVELOP A MASTER GROWTH PLAN FOR NEW
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0014| MEXICO HIGHLANDS UNIVERSITY LOCATED IN SAN MIGUEL COUNTY; MAKING
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0015| AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding two hundred thousand
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0021| dollars ($200,000) when the board of regents of New Mexico
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0022| highlands university certifies the need for the issuance of the
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0023| bonds. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project has
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0001| been developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the board of regents of New Mexico highlands
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0007| university for the purpose of developing a master growth plan
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0008| for the campus of New Mexico highlands university located in San
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0009| Miguel county. Any unexpended or unencumbered balance remaining
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0010| at the end of fiscal year 1999 shall revert to the severance tax
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0011| bonding fund. If the board of regents of New Mexico highlands
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0012| university has not certified the need for the issuance of the
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0013| bonds by the end of fiscal year 1998, the authorization provided
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0014| in this section shall be void.
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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| - 2 -
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